South Africa raises interest rate

SOUTH AFRICA - The South African Reserve Bank on Thursday made a one percentage point increase in the country's prime interest rates in an effort to force inflation below 6 per cent.

The Reserve Bank raised its repurchase rate - the rate at which it lends money to commercial banks - by 100 basis points to 13.5 per cent. The rise, the fourth this year, is expected to propel the prime lending rates of commercial banks by a similar amount to 17 per cent in the coming days.

Many local economists

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