More aggressive interest-rate cuts would barely grow the economy and would ultimately drive inflation higher, according to Reserve Bank governor Lesetja Kganyago.

The Bank’s monetary policy committee (MPC) cut interest rates by 25 basis points (bps) last week, effectively reversing a controversial interest-rate hike in November 2018. The Bank cited lower growth and lower inflation expectations for last week’s cut. While some analysts called for a 50bps cut, the MPC said it did not consider it...

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