South African Rand Flat As Central bank Seen Holding key Rate

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South African rand 1

JOHANNESBURG – South Africa’s rand was little changed on Thursday, ahead of the central bank’s monetary policy decision later in the day where economists expect it to keep the key rate unchanged.

* The rand was trading at 14.6900 versus the U.S. dollar at 0625 GMT, less than 0.1% stronger than its previous close.

* The South African Reserve Bank (SARB) was seen keeping the repo rate at 6.5% in a decision expected around 1300 GMT, according to the majority of analysts polled by Reuters this month.

* South Africa’s inflation outlook has been relatively benign, with price rises well within the SARB’s 3%-6% target range. But economic growth this year has been sluggish.

* Future rate cuts could hinge on an important credit rating review in November, a Reuters poll found.

* Government bonds dipped slightly in early trade, with the yield on the 2026 bond up 4 basis points to 8.25%.

(Reuters)

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