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Reserve Bank under pressure to raise interest rates

The Monetary Policy Committee will announce its decision this afternoon.

South African Reserve Bank Governor Lesetja Kganyago. Picture: AFP.

JOHANNESBURG - The Reserve Bank appears to be under pressure to raise interest rates, as inflation figures rise slightly, while fears grow about the weakness of the rand.

The bank's Monetary Policy Committee will announce this afternoon whether it will raise rates.

It has said it's in a tightening cycle but there are fears the economy is slowing.

Nedbank economist Isaac Matshego said, "The weakness of the rand is a big worry and its impact on the inflation really could be quite significant, particularly with what happens after the US Federal Reserve System meeting on 16 December."