Interest rate cuts aborted as pressure on inflation mounts

SOUTH AFRICA - Report 24 May 2018 by Iraj Abedian

The Monetary Policy Committee (MPC) of the South African Reserve Bank today voted to keep the bench mark interest rate at 6.5%. This was following its decision to cut rates by 25 basis points in March 2018 (their second rate cut since a succession of increases since January 2014). This means the prime interest rate also stays put at 10%.

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