The repo rate was left unchanged at 6.5 percent, following the conclusion of the July meeting of the SA Reserve Bank's monetary policy committee (MPC) on Thursday.

Addressing a media briefing, SARB governor Gill Marcus said there had been no difference of opinion on the decision amongst MPC  members.

Explaining the committee's decision, she said the current global  environment continued to weigh on domestic growth prospects, and growth in some advanced economies was losing momentum.

Domestic inflation was expected to stay within its target range for some time, against the backdrop of a benign global inflation environment.

The bank's consumer price inflation (CPI) forecast indicated a relatively unchanged forecast compared with that presented to the previous MPC meeting.

"CPI inflation is expected to average 4.5 per cent in the third quarter of 2010, and then increase moderately thereafter."

It was expected to measure 5.3 per cent in the final quarter of 2012.

--Sapa--