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JOHANNESBURG - The National African Federated Chamber of Commerce and Industry (Nafcoc) on Friday congratulated Patrice Motsepe who had been selected by Forbes as one of the 100 greatest living business minds.

Motsepe is the former Nafcoc President, and joins the doyens of black business and achievers who came from Nafcoc. Monga Phaladi, Secretary General of Nafcoc said: "Nafcoc is particularly proud and inspired by Mr Motsepe's accolades and achievement"

Nafcoc also welcomed the decision of the South African Reserve Bank Monetary Committee (SARB) decision to keep the repo rate unchanged.

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"This decision will ensure that the fragile recovery that we have seen in the last quarter gains traction" Said Landiwe Mahlangu Nafcoc Chief Economist. Lesetja Kganyago,SARB Governor on Thursday announced that they will keep the interest rate unchanged.

The repo rate now stands at 6.7 percent. The prime lending rate, the figure charged by banks to customers, will remain at 10.2 percent. The consensus over the last week was that the SARB would cut of at least 25 basis points.

- BUSINESS REPORT ONLINE