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SARB holds and maintains hawkish rhetoric

The South African Reserve Bank left interest rates on hold today at 8.25% and continued to emphasise that inflation risks remain tilted to the upside, suggesting that it is in no rush to begin loosening policy. Indeed, the SARB is likely to be a late-joiner to the EM rate cutting club and will only begin easing policy early next year, although for now we think rates will come down a bit more quickly than most expect.

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