May 28, 2024 10:47 GMT
MNI SARB Preview - May 2024: Post-Election Hold
The SARB will most likely extend the pause in interest-rate action at its first post-election meeting as inflation remains above the target mid-point.
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Executive Summary
- The SARB is widely expected to stand pat on rates.
- Inflation ticked lower in April but stayed above the target mid-point.
- The latest Monetary Policy Review reaffirmed the SARB's hawkish views.
Full preview including summary of sell-side views here:
The South African Reserve Bank (SARB) will most decide to keep interest rates unchanged during the first post-election monetary policy meeting. Although inflationary pressures have continued to subside, key metrics monitored by the central bank remain above the +4.5% Y/Y mid-point of the target range. In conjunction with the SARB’s well-documented hawkish approach to monetary policy, this should result in another stand-pat decision accompanied by rhetoric reaffirming determination to contain price growth.
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