The Reserve Bank resisted pressure to cut interest rates even as it downgraded longer term economic growth forecasts, with governor Lesetja Kganyago throwing his weight behind finance minister Tito Mboweni’s efforts to initiate a debate on structural reforms in the government.

While only four of 18 economists surveyed by Bloomberg were expecting a rate cut, the decision still attracted criticism from analysts who think the Bank should do more to support an economy that is barely growing and has an unemployment rate that is approaching 30%.

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