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JOHANNESBURG, Dec 11: The South Africa Reserve Bank on Thursday lowered its benchmark interest rate by a half-point to 11.5 per cent, the first cut in three years, citing an improvement in the inflation outlook.
Central bank governor Tito Mboweni noted that the inflation rate had slowed, reaching 12.1 per cent in October, down from a six-year high in August.
“However risks to the inflation environment remain and will be monitored very closely,” he told reporters.
The bank had aggressively raised interest rates six times since June 2007 in a bid to rein in inflation.—AFP
