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Latest Jumbo Hike Puts South African Rates at Five-Year High

  • MPC raises benchmark repurchase rate to 7% from 6.25%
  • Three of panel’s five members back three-quarter point hike
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South Africa’s central bank delivered another jumbo interest-rate increase, prolonging its most aggressive monetary policy tightening cycle in at least two decades as it tries to tame inflation.

The monetary policy committee raised the benchmark rate to 7% from 6.25%, Governor Lesetja Kganyago said Thursday. The move matched the median expectation of economists in two separate Bloomberg surveys.