IMFC press conference in Washington
South Africa holds key rate in unanimous decision
PRETORIA (Reuters) - South Africa's central bank left its main interest rate on hold at 6.5% on Thursday as expected, saying it would like to see inflation expectations anchored closer to the midpoint of its target range.
The decision by the bank's monetary policy committee (MPC) was unanimous.
South Africa has seen benign inflation outcomes this year, but growth has been sluggish. That has piled pressure on President Cyril Ramaphosa, who has staked his reputation on lifting the economy out of a deep slump.
The South African Reserve Bank left its 2019 economic growth forecast unchanged at 0.6% but cut its forecasts for growth in 2020 and 2021 to 1.5% and 1.8%, respectively.
It repeated calls for structural reforms to raise potential growth rate, saying weakness in many sectors of the economy remained a cause for concern.
(Reporting by Olivia Kumwenda-Mtambo and Tanisha Heiberg, Writing by Alexander Winning and Joe Bavier, Editing by Angus MacSwan)
First Published: 2019-09-19 15:29:09
Updated 2019-09-19 16:10:00
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.