November 22, 2018 / 1:24 PM / 21 days ago

South Africa raises lending rate to 6.75 percent in tight call

PRETORIA, Nov 22 (Reuters) - South Africa’s central bank increased its benchmark lending rate by 25 basis points to 6.75 percent on Thursday in a close call, saying while near term inflation was trending lower the longer term outlook remained elevated.

In a poll taken by Reuters last week, 16 of 26 economists said the South African Reserve Bank (SARB) would keep its repo rate at 6.50 percent while the rest opted for a 25 basis-point hike. (Reporting by Olivia Kumwenda-Mtambo, Alexander Winning, and Nomvelo Chalumbira Writing by Mfuneko Toyana Editing by James Macharia)

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