Africa News
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South Africa should maintain government spending and keep monetary policy loose to avoid an economic slump, said Antoinette Sayeh, director of the International Monetary Fund’s African department.
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De Beers, supplier of about a third of the world’s rough diamonds, said prices of the gems may “stick” at current levels after demand from India and China spurred a rally of more than 35 percent this year.
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The rand strengthened against the dollar for the first day in three after reports that France and Germany are nearing a deal to boost Europe’s rescue fund whet investor appetite for riskier, emerging-market assets.
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South Africa’s inflation accelerated last month, while retail sales expanded more than economists’ forecast in August, adding to expectations the central bank will keep interest rates unchanged.