The South African Reserve Bank’s Monetary Policy Committee (MPC) has left the repo rate unchanged. The latest announcement follows a 25 basis point repo rate cut in November, which came after the Reserve Bank lowered its official inflation target to 3% with a 1% tolerance band. On an annual basis, South Africa’s inflation rate averaged 3.2% in 2025, marking its lowest level in 21 years. Despite these pressures, overall inflation remained well within the Reserve Bank’s target range, reinforcing confidence that price stability is being maintained. Maleka said this was because gold prices have surged far beyond expectations and has dragged along silver and platinum.