The SARB kept the repo rate unchanged at 8.25% for a 6th consecutive meeting in May. Its accompanying forward guidance was cautious and non-committal, leading the market to push out expectations of eventual rate cuts in SA at the time. Since then, a ZAR-positive election outcome and SARB forward guidance have shifted expectations to favour rate cuts in the coming months, one before the end of the year and another in January.
Read report