May 25, 2017 / 1:23 PM / a year ago

South African central bank holds repo rate at 7 percent

PRETORIA, May 25 (Reuters) - South Africa’s central bank kept its benchmark repo rate steady at 7 percent on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts.

“While the inflation outlook has improved over the near term, the longer term trajectory is unchanged and uncomfortably close to the upper end of the target range,” Governor Lesetja Kganyago said. (Reporting by Mfuneko Toyana and TJ Strydom; Writing by Olivia Kumwenda-Mtambo; Editing by Ed Cropley)

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