The South African Reserve Bank (SARB) surprised markets on Thursday, pushing its benchmark rate up by half a percentage point to 10.5%.
Tito Mboweni, the governor of the central bank, said that the decision was made because inflation had remained above the 6% upper limit of the inflation range and that expectations had risen as a result. The governor said the central bank was "determined" to get inflation back within the 3% to 6% target range.
Razia Khan, the head of African research at Stand
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