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South Africa raises rates amid rand weakening

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(Globalpost/GlobalPost)

South Africa's Reserve Bank made a shock decision to raise its main interest rate by 50 basis points Wednesday, amid sustained pressure on the rand and rising inflation.

The bank had been expected to leave rates on hold, amid weak growth, but governor Gill Marcus said: "The primary responsibility of the Bank is to keep inflation under control," as she raised rates to 5.5 percent.

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http://www.globalpost.com/dispatch/news/afp/140129/south-africa-raises-rates-amid-rand-weakening