South Africa holds rates at 3.50% in 3-2 vote

No change was expected

  • Two MPC members voted to cut
  • Raises 2021 GDP forecast to 3.6% from 3.5%
  • Economy probably contracted 7.1% in 2020
  • Sees CPI averaging 4.0% in 2021 vs 3.9% prior
The rand is higher after the decision.
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