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South Africa

Rate On Hold As Rand Risk Looms

The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings downgrades could still knock the rand and scupper an improving inflation outlook. The Monetary Policy Com- mittee maintained the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters recently in the capital, Pretoria. The decision was in line with the estimates of all 21 economists in a Bloomberg survey. The key rate hasn’t changed for 14 months after the central bank raised it by two percentage points since 2014. The MPC has had to contend with swings in the rand after two ratings companies cut the debt of Africa’s most-industrialized economy to junk

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