(Bloomberg) -- South Africa’s central bank raised borrowing costs by the most in more than six years.  

The monetary policy committee increased the repurchase rate to 4.75% from 4.25%, Governor Lesetja Kganyago said Thursday in an online briefing. That’s the biggest hike since January 2016 and matches the median of 20 economists in a Bloomberg survey. 

Of the five members on the panel, four voted for the half-point increase and one preferred a 25 basis-point hike. 

The rand extended it’s gains after the announcement and traded 1.4% stronger at 15.8005 per dollar by 3:16 p.m. in Johannesburg.

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