S.African cenbank increases GDP forecast Brazil cenbank hikes by 100 bps Turkish lira drops after 100 bps rate cut Updates prices throughout by Susan Mathew Sept 23 Reuters - Central bank moves headlined emerging market currency action on Thursday with South Africa's rand taking in stride a decision to change rates, while the Brazilian real firmed after expected 100 basis points hike overnight. The Turkish lira remained in the red after a surprise rate cut despite economic weakness. The South African Reserve Bank raised the key interest rate unchanged at a record low of 3.5% as expected, but left its economic growth forecast for 2021 to 5.3% from 4.2% and said that the risks to the short-term inflation outlook were assessed too. The rand hit 14.6881 against the dollar just before the decision was made, but was soon back at 14.73, up 0.4%. Meanwhile, in an aggressive battle against inflation, Brazil's central bank flagged the benchmark Selic rate to 6.25% and raised another one of the same measures next month. But it failed to boost the real significantly as it was seen as less hawkish than expected. The bull case for BRL has been undermined by the weaker China growth outlook, which already has led to a severe deterioration of the terms of trade for Brazil, which may continue, said strategists at Citi. On top of this, the Central Bank is turning more dovish in margins. An aggressive central bank was one of the core reasons to stick to BRL long. With Mexico's peso on the hand, the currency gained strength for other Latam peers as sliding commodity prices restricted the upside from a weaking dollar. Mexico's peso firmed 0.3% after data showing a bigger than expected rise in annual inflation in the first half of September spurred rate hike bets Consumer prices had increased by mid-month 0.42% to reach annual inflation of 5.87%, already edging above the 5.59% clocked in August. Meanwhile, Argentina sent to the International Monetary Fund a near $1.9 billion payment on Wednesday as it tries to recover the more than 40 billion owed they still owe. The payment was made with loans fro the IMF's Special Drawing Rights Program in Argentina. Latam stocks joined a broader rally in emerging and global equity markets as reassurances from indebted Chinese developer Evergrande about its repayments assuaged some fears of contagion from any default