July 19, 2018 / 1:15 PM / 3 months ago

South African reserve bank leaves repo rate unchanged at 6.5 percent

PRETORIA, July 19 (Reuters) - South Africa’s central bank kept its benchmark repo rate unchanged at 6.5 percent in a unanimous decision by members of the Monetary Policy Committee on Thursday, saying risks to inflation cited at previous meetings had begun to materialise.

All 25 economists surveyed by Reuters had predicted the repo rate would stay on hold.

“While headline inflation is comfortably within the inflation target band, indications are that we have passed the low point of the current cycle,” Governor Lesetja Kganyago told a news conference, citing the tariff war between the United States and China as well as higher global oil prices as the main dangers to inflation. (Reporting by Reporting by Olivia Kumwenda-Mtambo, Nqobile Dludla and Patricia Aruo Writing Mfuneko Toyana Editing by James Macharia)

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