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I recommend that the SA Reserve Bank look more seriously at its monetary policy communication. Monetary policy committee (MPC) member Chris Loewald was quoted in Business Day stating that the economy has space for further rate cuts. Then, a week later the MPC decided against the cut.

The decision itself is not the problem. It is the implicit market guidance of an MPC member being quoted in the open press during the fortnight before the meeting that has to be questioned. If not to prepare the market, why allow such an unusual public statement from a recognised official on a market-sensitive topic such as the next rate decision?..

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