Economics
Inflation, Growth Fears Keep S. Africa, Nigeria Rates Steady
- South African central bank’s inflation forecasts deteriorate
- Nigeria’s monetary policy rate kept unchanged at 14%
Electrical lights illuminate offices inside a commercial building at night in Pretoria, South Africa, on Wednesday, Oct. 5, 2016. Eskom Holdings SOC Ltd. is building new electricity stations to end the power cuts that were imposed for about 100 days last year, curbing growth in Africa's most-industrialized nation.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
The central banks of Africa’s two largest economies held borrowing costs steady on Tuesday as they face accelerating inflation and tepid growth.
South Africa’s Reserve Bank left the benchmark rate at 7 percent for a fifth straight meeting, and Nigeria’s monetary policy committee kept its key lending rate at 14 percent. That was in line with the forecasts of all economists in two separate Bloomberg surveys.