SA borrowed heavily from the world, more than its peer economies, and had a current account deficit of about 4%, the Reserve Bank proclaimed. It argued that if it cut interest rates too far, foreigners wouldn’t have enough reasons to invest in local assets to close that gap.

This wasn’t said last week to justify its decision to disappoint the majority of analysts surveyed  before the meeting who thought it would take advantage of its downward GDP and inflation revisions to sneak in another 25 basis-point cut in the repo rate...

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