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The Reserve Bank has paved the way for an acceleration in the pace of interest rate hikes as early as May after it tightened policy for a third consecutive meeting.

In a statement after the Bank lifted the repo rate by 25 basis points, governor Lesetja Kganyago said two monetary policy committee (MPC) members voted for a more aggressive stance as policymakers seek to prevent fuel and oil price shocks resulting from Russia’s invasion of Ukraine from entrenching higher inflation expectations...

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