South Africa holds rates

The South African Reserve Bank's rate-setting board voted on Thursday to hold rates at 11%.

Explaining the decision, the governor, Tito Mboweni, said: "The slowdown in global growth could have spillover effects on the South African economy which is also being affected adversely by electricity supply constraints."

He added: "The economy has continued to respond to the tighter monetary policy stance and inflation is expected to peak in the first quarter of 2008."

However, the governor added tha