On Thursday, a week to the day after finance minister Enoch Godongwana delivered his medium-term budget policy statement, the SA Reserve Bank’s monetary policy committee (MPC) will announce its decision on interest rates. 

It turns out that Godongwana’s speech — which cleaved to fiscal consolidation and pragmatism — held few surprises. Judging by the mixed results of economist surveys, however, it is anybody’s guess how the MPC will decide and whether Thursday will mark the slow track back from record low interest rates of 3.5%. ..

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