South Africa Central Bank Holds Rates After Lifting Growth Forecast

The South African Reserve Bank kept borrowing costs unchanged, even as cooler-than-expected inflation brought policymakers closer to their 3% target at which they now aim.

The monetary policy committee maintained the benchmark interest rate at 7%, holding it at the lowest level since November 2022, Governor Lesetja Kganyago told reporters at a briefing in the capital Pretoria on Thursday. That matched the median estimate of 23 economists in a Bloomberg survey, in which 15 predicted the hold.