March 28, 2018 / 1:22 PM / a year ago

South African central bank cuts repo rate to 6.5 percent

PRETORIA, March 28 (Reuters) - South Africa’s central bank cut its benchmark repo rate by 25 basis points to 6.5 percent on Wednesday, saying that risks to the inflation outlook had subsided somewhat.

Central bank governor Lesetja Kganyago told a news conference that four members of the monetary policy committee had preferred to cut the rate and that three members wanted to hold the rate.

Fifteen of 22 economists polled by Reuters last week predicted the bank would cut interest rates by 25 basis points. (Reporting by Olivia Kumwenda-Mtambo, Tiisetso Motsoeneng and Nomvelo Chalumbira Writing by Alexander Winning Editing by James Macharia)

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