SARB "distinctly dovish" in latest policy review

South African Reserve Bank on Tuesday adopted a dovish tone in its latest Monetary Policy Review, saying inflation was likely to fall sharply towards the 3%-6% target range in the new year.

The review highlighted that inflation was likely to plunge at the start of 2009 following the introduction of a new CPI basket in January.

"Inflation is expected to peak at an average rate of 13.3% in the third quarter of 2008 and after a significant decline in the first quarter of 2009, to average 6.9% in

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