SARB holds repo rate on inflation concerns

South Africa's central bank kept its benchmark repo rate steady at 7% on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. Governor Lesetja Kganyago said consumer inflation is now within the bank's target of between 3% and 6%, but the longer term Consumer Price Index trajectory was "uncomfortably close to the upper end" of the range.