Nigeria’s central bank shrugged off the recent banking sector turmoil and kept its eye firmly focussed on tackling inflation as it hiked interest rates this week and, on balance, we think that policymakers in South Africa will adopt a similar strategy and raise the benchmark rate next Thursday. The impact of global banking strains is likely to feature more prominently in upcoming central bank decisions in Kenya and Ghana as policymakers will probably try to shore up both currencies given balance of payments pressures.
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