SA's Mboweni braves political pressure, hikes rate

Tito Mboweni, the governor of the South African Reserve Bank, reaffirmed his commitment to the central bank's inflation target on Thursday, raising rates by half a point to 11.5% in the face of intense political pressure.

Trade union officials and the more left-wing elements of the ruling African National Congress have blamed the central bank's focus on inflation targeting for high unemployment, which the most recent official estimate, taken in September 2007, has put at 23%.

However Mboweni,

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