Oil Shock Hits South Africa

PretoriaSouth Africa’s central bank held rates, but two of six policymakers wanted a hike.

Oil rebounded to $90 a barrel on Strait of Hormuz volatility, it said, keeping South Africa’s inflation above its 3% target into next year.

The Monetary Policy Committee meets again in September, with a 50-basis-point hike still possible.

Sources: Daily Maverick