Central Banks
South Africa Strikes Cautious Tone With Quarter-Point Rate Cut
- Monetary policy committee lowers benchmark rate to 7.75%
- Reduction matched forecasts of economists in Bloomberg survey
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South Africa’s central bank lowered borrowing costs for a second successive meeting and said its modeling showed further cuts were in the offing, but that the outlook remains highly uncertain.
Policymakers cut the benchmark interest rate by 25 basis points to 7.75%, Governor Lesetja Kganyago told reporters at a briefing north of Johannesburg on Thursday. That was in line with expectations of all 20 economists in a Bloomberg survey.