South Africa unexpectedly holds rates as it flags growth risks

The South African Reserve Bank defied expectations and held interest rates steady to support economic growth after revising its inflation forecasts lower, while warning that the renewed conflict in the Middle East could justify more tightening. The six-member monetary policy committee maintained the benchmark policy rate at 7%, Governor Lesetja Kganyago told reporters in Pretoria on Thursday. Only three of 20 economists surveyed by Bloomberg had expected a hold. The rest predicted a 25 basis point increase.

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