South Africa’s central bank maintained its benchmark interest rate at 8.25%, a level last seen in 2009. The bank’s quarterly projection model suggests the repurchase rate will be around 7.54% by year-end. Inflation softened to 5.1% YoY in December, down from 5.5% the prior month, driven by decreasing transport and food costs. The bank aims to keep inflation within its 3% to 6% target range, forecasting an average inflation of 5% this year and 4.6% in 2025. The decision to maintain current borrowing costs is expected to draw criticism, especially with upcoming elections.