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SARB continues its dovish tightening cycle

The South African Reserve Bank pressed ahead with its tightening cycle by raising the repo rate from 3.75% to 4.00% today as policymakers’ concerns about upside inflation risks and the global monetary policy backdrop increased. Overall, though, the accompanying statement and comments from officials support our view that rates will not be raised as aggressively over 2022-23 as investors currently expect.

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