South Africa signals end to rate hikes

The South African Reserve Bank's tightening cycle appears to be at a close after the Pretoria-based central bank held rates at 12% on Thursday.

The Reserve Bank now expects CPIX inflation, the monetary-policy relevant measure, to hit 13% in the third quarter, rather than 12% as predicted in June. However, Tito Mboweni, the governor of the Reserve Bank, said he now expects inflation to decline significantly in the first quarter of 2009, partly as a result of a reweighting and rebasing of the C

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