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Financial News: S. Africa CB Unexpectedly Trims Interest Rate By

S. Africa CB Unexpectedly Trims Interest Rate By 25 Bps

07/20/2017 - 09:53:00 (RTTNews)

(RTTNews) - South Africa's central bank unexpectedly slashed its key interest rate by a quarter-point on Thursday, citing an improved inflation outlook, but weaker growth prospects.

The Monetary Policy Committee of the South African Reserve Bank cut its key interest rate by 25 basis points to 6.75 percent, while economists had expected it to be left unchanged for an eighth successive policy session.

The previous change in the rate was a quarter-point hike in March last year.

Four members voted for a reduction, while two members preferred an unchanged stance, the bank said in a statement.

The MPC does not believe that "a reduction in interest rates will provide a significant stimulus to growth in the current environment of low confidence and political uncertainty," SARB Governor Lesetja Kganyago said.

"It will however provide some relief at the margin."

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