SA: Land reform escalates, SARB will hold rates next week

South Africa’s government has taken a big step towards the expropriation of land without compensation, but fears that land reform will disrupt the economy are overblown. Meanwhile, given weak economic growth and fading inflationary pressures, we think that policymakers at the SARB will defy the markets’ expectation for a rate hike and keep policy unchanged at Thursday’s MPC meeting.

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