SAfrica cuts interest rate for first time in 5 yrs

JOHANNESBURG: South Africa’s central bank slashed its key interest rate for the first time in five years Thursday, as the continent’s most advanced economy battles recession and recent credit rating downgrades.

The bank dropped the cost of borrowing by 25 basis points to 6.75 percent while also cutting its growth forecast for 2017 from 1.0 percent to 0.5 percent.