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South Africa Cuts Key Rate for the First Time in Five Years
JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank cut borrowing costs for the first time in five years as inflation eases and after the country slipped into a recession. The Monetary Policy Committee reduced its key rate by 25 basis points to 6.75 per cent, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria, citing concern about the nation’s growth outlook. Only three of 23 economists in a Bloomberg survey predicted a reduction. The cut is the…
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