South Africa governor outlines ‘upside' inflation risks

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The governor of the South African Reserve Bank has written to shareholders explaining the current course of monetary policy, setting out the "prevailing combination of factors" that led the committee to hold rates at its meeting last month.

The letter, dated February 22, says that monetary policy "remains in the uncomfortable position of having to contend [with] rising headline inflation at a time of slow growth". Governor Gill Marcus said inflation is expected to "breach moderately the upper

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