If there ever was a window for further cuts to interest rates because of low inflationary pressures, in order to stimulate sluggish emerging market economies, it now seems firmly shut. This is as the dollar continues to strengthen in an environment where oil prices are rising because of geopolitical tensions being stoked, in the main, by US President Donald Trump. This week the South African Reserve Bank - which has inflation well within its targeted range of between 3% and 6% - left rates unchanged as it fretted about factors over which it has no control that have triggered a sell-off in emerging-market assets.Nigeria, Africa's largest economy, also held its benchmark interest rate unchanged this week. Last week, Brazil left its benchmark rate untouched despite an expectation of a 25-basis-point cut. Angola and Kenya are expected to keep their key rates unchanged at their meetings this week. South Africa has largely been stumped by a lack of structural reforms. Household consumptio...

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