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End of South Africa’s easing cycle approaching

South African policymakers continued to cut interest rates today, taking the repo rate down by 50bp to 3.75%, but the end of the easing cycle appears to be on the horizon. At this stage, we expect one more cut, of 25bp, to 3.50%. With the eventual recovery likely to be extremely weak, monetary conditions will remain loose for longer than most seem to think.

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