South Africa Keeps Main Repo Rate on Hold

09/21/17 10:10 AM EDT
By Gabriele Steinhauser 

JOHANNESBURG--The South African Reserve Bank on Thursday kept its main repo rate at 6.75% and revised its 2017 growth forecast up slightly.

Governor Lesetja Kganyago said three members of the bank's monetary policy committee had argued for a rate cut of 0.25 percentage point, while the other three wanted to hold rates. In the end, the committee decided to hold rates and reassess its monetary stance at its next meeting in late November, he said.

The bank said it now expects South Africa's economy to grow 0.6% this year, up from its previous forecast of 0.5%.

Write to Gabriele Steinhauser at gabriele.steinhauser@wsj.com

 

(END) Dow Jones Newswires

September 21, 2017 10:10 ET (14:10 GMT)

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