Mboweni delivers the bad news about rates

A warning by the South African Reserve Bank against hopes of an early interest rate cut was a timely signal to quell over-optimism in the market, economists said on Friday.

They said some people got carried away by the strong performance of the rand in December, causing them to expect a rate cut as early as this month.

"Reserve Bank governor Tito Mboweni had to clarify the situation and put paid to such market rumours," Standard Bank economist Monica Ambrosi told South Africa's Independent Onli

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