South African central bank deputy governor Fundi Tshazibana said on Friday there was a good case for domestic interest rates staying “higher for longer” as financial conditions had tightened and the government's borrowing needs had risen.

Inflation is close to the upper end of the South African Reserve Bank's preferred target range of between 3% and 6% — it rose to 5.9% in October, the latest month for which data is available. In November at its final monetary policy meeting of 2023, the central bank kept its main lending rate unchanged at 8.25%, its third pause in a row following 10 consecutive hikes starting in November 2021...

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