At the current rate of 3.5% (from 6.5% on 1 January 2020), the repo rate is at an all-time low, while the prime rate, at 7.0%, is at a 54-year low. The economic recovery is still on track, but there will be pitfalls along the way, as illustrated by our shift back to a Level 4 lockdown.
There is no question that our recovery will progress and our sound policy frameworks will continue to allow flexible approaches while building confidence. The SARB is a solid institution that all South Africans can be proud of. The women and men who staff this institution have proved their mettle, repeatedly rising to the challenges they are faced with.