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Between January and October 2002, the SA Reserve Bank’s monetary policy committee announced four consecutive 100-basis-point rate hikes as it tried to contain the inflationary fallout of the rand’s crash at the end of the previous year.

Two decades on, the committee has surprised the market with a 75-basis-point hike, the largest since 2002. This time, once again, the currency was a key factor in the decision. And though the circumstances are quite different, the contrasts between then and now provide a walk down monetary policy memory lane that highlights how far we have come...

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