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CAPE TOWN, Sept 1 - The International Monetary Fund's First Deputy Managing Director Gita Gopinath praised South Africa's central bank for being proactive in raising interest rates but said energy and logistics challenges were restricting growth.
"We believe that the central bank has done the right things in terms of raising interest rates to ... ensure that inflation doesn't go very high," said Gopinath on the sidelines of a SARB conference in Cape Town. The SARB has estimated that this has not only cut growth forecasts by up to 2 percentage points, but added to inflation as well.
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