The Reserve Bank has started to talk about when it might start talking about "normalising" interest rates - but, though it warned on Thursday of "upside" risks to inflation, it kept rates unchanged as expected, with most economists still expecting them to remain on hold until next year.

And Reserve Bank governor Lesetja Kganyago signalled on Thursday that even were the Bank's monetary policy committee to start raising rates again, monetary policy would remain "accommodative"...

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