FILE PHOTO: The logo of South Africa’s central reserve bank is seen during the delivery of a keynote address by South Africa’s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG, July 18 (Reuters) – South Africa’s central bank kept its main interest rate unchanged at 8.25% in a decision announced on Thursday.

Eighteen of 20 economists polled by Reuters predicted there would be no change in the repo rate.

The decision by the central bank’s Monetary Policy Committee was split, with four members preferring an unchanged stance and two preferring a 25-basis-point rate cut.

Monetary policy has remained tight in Africa’s most industrialised economy as the South African Reserve Bank tries to steer inflation back towards the midpoint of its 3%-6% target range.

Consumer inflation stood at 5.2% year on year in May, the latest month for which data is available, the same as in April.

“Domestically, inflation expectations do not yet reflect the 4.5% midpoint objective over the medium term,” central bank Governor Lesetja Kganyago said in a statement accompanying the decision.

Economists polled by Reuters before Thursday’s announcement predicted a 25-basis-point cut in September followed by another in November.

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(Reporting by Bhargav Acharya, Tannur Anders and Kopano Gumbi; Editing by Alexander Winning)