Deteriorating inflation expectations, currency risks and enhancements to the South African Reserve Bank’s quarterly projection model, used to inform its rate decision, are clouding the outlook.
"With three months of large declines and downside surprises to inflation, the recent strengthening of the rand, and the weak state of the real economy, we expect the SARB to keep rates on hold," Goldman’s Andrew Matheny and Bojosi Morule wrote in a client note.
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