Sarb ‘pauses’ hiking cycle on improved inflation outlook
South African monetary policy committee votes five-to-one to leave rates on hold; governor stresses central bank is not reversing policy
The South African Reserve Bank (Sarb) saw "some room" to pause its tightening cycle today (May 19), as the monetary policy committee (MPC) held its key rate at 7%.
The MPC said the previous rate hike in March had contributed to an improvement in the inflation outlook, although it "remains concerned". Annual CPI inflation dropped to 6.2% in April, but is expected to peak at 7.3% in the fourth quarter.
Five members preferred to hold the policy rate today, while one wanted a 25 basis point increase
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