South Africa holds interest rates

There will be no interest rate rise in South Africa this month, it has been announced.

In its monthly meeting, the country's Monetary Policy Committee (MPC) said it was maintaining the repurchase rate at seven per cent, something that may be good news for those keen on buying property in the country.

Such a move comes as the inflation rate fell from 6.4 per cent in August to 6.1 per cent in September.

The MPC added that the projection for inflation is that it will go on dropping, with this falling within its target range in the opening quarter of 2010.

It said: "There are no major demand side pressures on inflation and the assessment of the committee is that there are no significant upside risks to the inflation outlook emanating from this source."

Such a comment would suggest that the prospect for further rate rises is small and there may instead be scope for cuts.

South Africa is a particularly good golf property destination with its 138 international standard courses, the Daily Mail reported earlier this month.

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