Following are reactions from South African economists to the decision to keep the repo rate unchanged at seven percent.

Carmen Altenkirch, Nedbank:

"Today's decision was widely expected given the uncertain inflation outlook as well as early signs that the economy bottomed out in the third quarter. However, the data still present a mixed picture.

"Credit remains at a record low, suggesting little appetite for debt or increased consumption. Employment figures showing job losses approaching one million provide yet another indication of just how severe the recession is. Any suggestion that demand-led inflation is about to resurface is extremely optimistic, given significant overcapacity and unemployment.

"The risk to inflation is clearly on the cost-push side, with the threatened Eskom price hikes the key danger.

"We would therefore have hoped that the MPC would have taken the opportunity to cut once more in the cycle. However, the MPC appears to continue to focus on a moderately improved outlook for the local economy, while continuing to highlight that significant risks remain both internationally and for the local economy.

"The fact that they have not now done so does not rule out further easing, but the window of opportunity is closing fast."

Mike Schussler, Economists.co.za:

"No surprise here and clearly a different style (Gill Marcus), giving us clear communication of what has been discussed, rather than just a statement. Clearly there is still some concern about Eskom."

Doret Els, Quantum Asset Management:

"They kept interest rates unchanged as expected. She (SARB Governor Gill Marcus) had a professional demeanour. I like the fact that what was discussed at the MPC meeting, was discussed at the beginning. She reaffirmed that inflation targeting is the main tool used by the Reserve Bank."