By Alexandra WexlerJOHANNESBURG--The South African Reserve Bank on Thursday maintained its main repo rate at 8.25% in an effort to keep inflation in check amid a persistent electricity crisis, a weak currency and elevated food prices. The SARB slightly raised its economic growth forecast for this year. The bank now expects Africa's most-developed economy to grow 0.4% this year, up from its May forecast of an 0.3% expansion. SARB Governor Lesetja Kganyago had previously said that extensive rolling electricity blackouts are expected to reduce growth by 2% this year. In 2024, the SARB expects growth of 1%, unchanged from the bank's May estimate.

Source: Wall Street Journal July 20, 2023 19:53 UTC