South African Interest Rates Outlook – September 2017

At their last Monetary Policy Committee (MPC) meeting in July, the SA Reserve Bank (SARB) surprised the vast majority of market participants with a 25 basis point (0.25%) cut in the benchmark Repo Rate from 7% to 6.75%, the first reduction in almost five years. In this note we will set out the economic backdrop, our view for rates going forward and how this compares to the market.

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