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South Africa Raises Key Rate to 5.75% in Gradual Policy Move

The South African Reserve Bank raised its benchmark interest rate by a quarter of a percentage point as it moves to tighten monetary policy gradually in the face of slowing economic growth.

The repurchase rate was increased to 5.75 percent, Governor Gill Marcus told reporters in Pretoria today. That was the smallest increase since October 2000. Seven of the 30 economists surveyed by Bloomberg predicted the decision, eight forecast a 50 basis-point raise and the rest said the rate will stay unchanged.