South Africa's central bank cuts key rate, will aim for bottom of target band
The rate cut was in line with the median forecast of economists polled by Reuters.
The central bank's Monetary Policy Committee was unanimous in its decision, central bank governor Lesetja Kganyago told a press conference.
"We have decided to aim for the bottom of our inflation target range, of 3%-6%, ... this would expand policy space and make our framework more robust to shocks," Kganyago said.
Headline inflation (ZACPIY=ECI), opens new tab in Africa's largest economy rose to 3.0% year on year in June from 2.8% in May after being below it for three months.
The South African Reserve Bank (SARB) also trimmed its policy rate by 25 basis points at its previous meeting in May.
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