An interest rate cut is expected this week, but in the long term the Reserve Bank's hawkish stance is likely to continue after the reappointment of Lesetja Kganyago as governor for another five years.

President Cyril Ramaphosa also promoted Kganyago's adviser Nomfundo Tshazibana, as well as Rashad Cassim, who has been head of research at the central bank, to the posts of deputy governors.

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