South Africa holds interest rates, fretting over growth and inflation

By Nizar Manek, 20 March 2013
(Financial Times) --
South Africa’s Reserve Bank left its benchmark interest rate unchanged at 5 per cent, out of concern that the recent decline in the rand is stoking inflation despite sluggish domestic economic growth.
The central bank surprised nobody, as analysts had expected no changes. And few envied the central bank governor Gill Marcus as she struggles to manage the risks to growth and the risks to inflation.
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