JOHANNESBURG - After 10 consecutive hikes, the Reserve Bank kept its repo rate unchanged on Thursday.
This means the prime lending rate at banks will remain at 11.75 percent.
The decision follows better than expected inflation numbers this week.
It eased to 5.4 percent, falling inside the target range of 3 to 6 percent for the first time in 14 months.
But governor Lesetja Kganygo warns there are still risks.
"Have interest rates peaked? The answer is a resounding no," Kganygo said.
"Further than this depends on what happens to inflation and so we have presented an inflation forecast.
"With this forecast we expect that we would come back to the midpoint of the inflation target range in 2025."
Kganygo said they continue to assess data and risk and will recalibrate policy based on those risks.
"Is this the end of the hiking cycle? No, it is not," he said.
"It depends on data and risks."
Kganyago also says persistent power cuts are still a risk to inflation.