SAfrica central bank raises key rate to 6-yr high

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JOHANNESBURG: South Africa increased its benchmark interest rate on Thursday (Friday in Manila) to a level last seen six years ago as it battles to avoid a credit downgrade in the face of slow growth and a weak currency. The country’s central bank raised its repurchase rate by 25 basis points to 7.0 percent. The governor of the Reserve Bank, Lesetja Kganyago said the monetary policy committee “remained concerned about the weak growth outlook amid negative business consumer confidence.”

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AFP

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