This despite a notable decline in the country’s overall inflation.
“The MPC is aware that the moderation in inflation could raise expectations of lower interest rates,” said central bank governor, Lesetja Kganyago.
“The MPC is of the view that the bar for further accommodation remains high and would require a sustained decline in the inflation rate and inflation expectations.”
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The country’s inflationary prices have eased in the past few months, partly attributed to falling global oil prices.
In December, the country’s producer price inflation slowed down by 70 basis points to 5.8 per cent year-on-year.
“The year-on-year inflation rate as measured by the consumer price index (CPI) for all urban areas maintained its recent downward trend and measured 5.8 per cent and 5.3 per cent in November and December respectively, down from its recent peak of 6.6 per cent in May and June 2014,” Kganyago said.
“This trend reflected continued moderation in food and petrol prices.”
The MPC also maintained that despite the change in the ‘inflation landcape’, the stance for global pump prices is ‘highly uncertain’.
“Unless a persistent oil price decline is assumed, the impact on the inflation trajectory will dissipate over time,” it noted.
Moreover, the bank was quick to note that the global economic growth outlook remained uncertain.
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The International Monetary Fund (IMF) recently lowered the global growth forecast by 30 basis points to 3.5 per cent for 2015, citing geopolitical tensions in some countries, deflation in some parts of the world and the impact of crude prices, among others.
“The global economic growth outlook remains mixed, despite a strong performance by the US economy,” the bank said.