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South Africa's reserve bank cuts repo rate by 25 basis points to 6.75 percent
July 20, 2017 / 1:34 PM / a month ago

South Africa's reserve bank cuts repo rate by 25 basis points to 6.75 percent

PRETORIA, July 20 (Reuters) - South Africa's central bank unexpectedly cut its benchmark repo rate by 25 basis points to 6.75 percent on Thursday saying a near-term improvement in growth was unlikely but that the inflation outlook had improved.

"Given the improved inflation outlook and the deteriorated growth outlook, the MPC has decided to reduce the repurchase rate by 25 basis points with effect from 21 July 2017, to 6.75 percent per annum," Governor Lesetja Kganyago told a media conference. (Reporting by Olivia Kumwenda-Mtambo and TJ Strydom; Writing by Mfuneko Toyana; Editing by James Macharia)

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