South Africa's central bank unexpectedly hikes rates

South Africa’s central bank unexpectedly tightened its monetary policy on Thursday.

The South African Reserve Bank hiked its main policy rate by 25 basis points to 7.0%.

A small majority of economists had anticipated no move at the latest meeting.

As of 14:12GMT the US dollar was off by 2.03% versus the South African rand at 15.3419.

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