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Reserve Bank govenor Gill Marcus will announce the decision of the monetary policy committee on Thursday following its regular meeting.
This week Statistics South Africa announced that the Consumer Price Index for April was at 6.1 percent, just above the Reserve Bank's inflation target of between three and six percent.
However, FNB economist, John Loos, says he does not expect any rate hikes flowing from the meeting of the monetary policy committee.
"The most likely scenario we think is flat and that they'll only hike again at the next one," said Loos.
He says "the Rand has been behaving quite well. The Rand is obviously key in imported inflation, its come back a little bit and if you look at it year on year depreciation of the Rand is diminishing."
"The imported inflationary impacts are diminishing and I think that will be key in the Reserve Bank's decision to, as we expected anyway, to keep rates constant for the time being," Loos said.
