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MNI SARB Review - July 2024: Rates On Hold After Split Decision

Executive Summary:

  • The SARB left the repo rate unchanged at 8.25%.
  • Two dissenters cast their votes in favour of a 25bp cut.
  • The balance of inflation risks was assessed to the upside.

Full review including summary of sell-side views here:

MNI SARB Review - July 2024.pdf

The South African Reserve Bank (SARB) left the repo rate unchanged at 8.25%, the highest level in years, but two policymakers dissented and voted in favour of a 25bp rate cut. The central bank pointed to a further improvement in the inflation outlook and said that it expects headline inflation rate to stabilise around the +4.5% Y/Y target mid-point over the medium term. On the other hand, the Monetary Policy Committee (MPC) changed the assessment of risks to the inflation outlook and again sees them as tilted to the upside.

HomepageSouth African Reserve - ReviewEM Central Bank ReportsEM Central Bank ReviewEmerging Market NewsCEMEA Bank - Review

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