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Is the central bank asleep at the wheel? That was a question from a big newspaper after last week’s interest-rate decision. And the reference was not to the SA Reserve Bank, which has kept the repo rate unchanged at 3.5%, as forecast by economists.

During the global financial crisis over a decade ago the Bank of England came in for criticism for tolerating inflation that was more than double its target. The European Central Bank also got stick, for the opposite. For a decade, it never looked as if it was going to get the eurozone rate up to its then target of “below but close to 2%”. ..

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