Lesetja Kganyago. Picture: BLOOMBERG/WALDO SWIEGERS
Lesetja Kganyago. Picture: BLOOMBERG/WALDO SWIEGERS

The SA Reserve Bank’s decision to keep interest rates unchanged was as close as it could be, with the monetary policy committee (MPC) separated by a single vote, and probably swayed by another grim economic forecast.

Governor Lesetja Kganyago and his colleagues said the economy would likely grow just 0.7% in 2018, meaning they have cut the outlook by a full percentage point in the past two meetings.

While they still expect expansions of 1.9% and 2% in the next two years, that will now be coming off a much lower base.

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