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Rand stumbles on SA Reserve Bank interest rate announcement

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The bank decided to leave rates unchanged, which surprised no one.

The rand weakened to R14.73 to the dollar on Thursday afternoon, before stabilising to levels of R14.64 following the repo rate announcement.

South Africa’s central bank last raised the repo rate by 25 basis points in November to stem inflation pressures. Kganyago highlighted that increases in Eskom tariffs, fuel prices and exchange rates would create inflationary pressure in coming months, and cautioned that global growth had also been more sluggish than previously anticipated.

 

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