South African MPC narrowly votes to hold rates

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The South African Reserve Bank

The South African Reserve Bank’s monetary policy committee voted by a narrow majority on May 23 to keep its policy rate at 6.75%.

The five-member committee voted three to two for the decision. Slower inflation and growth data did not warrant a change in stance, the MPC said in a statement.

“The committee assesses the stance of monetary policy to be broadly accommodative over the forecast period,” the Sarb said in the statement. “Current challenges facing the economy are primarily structural in

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