S Africa bank raises key rate to six-year high

AFP, JOHANNESBURG: South Africa increased its benchmark interest rate to a level last seen six years ago yesterday 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 per cent, a level last seen in March 2010.
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".

S Africa bank raises key rate to six-year high

AFP, JOHANNESBURG: South Africa increased its benchmark interest rate to a level last seen six years ago yesterday as it battles to avoid a credit downgrade in the face of slow growth and a weak currency. The countrys central bank raised its repurchase rate by 25 basis points to 7.0 per cent, a level last seen in March 2010. 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.