The South African Reserve Bank's (SARB) monetary policy committee (MPC) kept rates at 8.25% as inflation forecasts came in lower than previous ones and economic conditions improved. Kganyago said future rate decisions would continue to depend on economic data and risks to the inflation outlook. The bank expects inflation to fall back to the midpoint of the target range sustainably only by the third quarter of 2025. Jason Tuvey, deputy chief emerging markets economist at Capital Economics, said in a note that rate cuts were likely to materialise only early next year. "The split vote suggests that inflation concerns continue to linger and it is likely to take some time before a majority on the MPC are in favour of rate cuts," Tuvey said.

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Persons: Lesetja Kganyago, Kganyago, Jason Tuvey, Tuvey, Kuben Naidoo, Nellie Peyton, Tannur Anders, Kopano, Anait Miridzhanian, Promit Mukherjee, Rachel Savage, Alexander Winning, Olivia Kumwenda, Frances Kerry Organizations: South, Reuters Graphics Reuters, Capital Economics, MPC, Thomson Locations: PRETORIA