There was some shock that the SA Reserve Bank didn’t cut rates at its monetary policy committee (MPC) meeting last week. With the economy barely growing, consumer inflation in retreat and major central banks in cutting mode, it’s becoming harder to explain to an embattled nation how the Bank can remain unmoved.

A few economists had expected the Bank to cut the repo rate to 6.25%. Many thought that at least a few MPC members would vote for a cut. Instead, the decision to hold was unanimous...

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