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SARB stands pat, but hawkish rhetoric remains

The South African Reserve Bank opted against responding to last month’s larger-than-expected rise in inflation with an interest rate hike, leaving the repo rate unchanged at 8.25% today. But officials continued to strike a hawkish tone and it looks like the SARB will be one of the last major EM central banks to begin an easing cycle.

This publication has been updated with additional analysis from the post-meeting press conference.

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