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S.Africa central bank slashes growth forecast, holds rates

Striking miners march in Marikana, 40 kms from Rustenburg, in the South African platinum belt on May 14, 2014South Africa’s Reserve Bank slashed its growth forecast for this year and kept rates on hold Tuesday, warning a prolonged mining strike could have a further “potentially devastating” impact on the economy. Painting a bleak picture of the state of Africa’s most developed economy, Gill Marcus said growth was expected to slow to 2.1 percent this year, versus a previous forecast of 2.6 percent.

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