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Reserve Bank governor Lesetja Kganyago’s bold call for a lowering of the inflation target to 3% comes at a vulnerable stage in SA’s recovery, just as inflation is picking up and at the anticipated start of an interest-rate-hiking cycle.

In a recent public lecture at Stellenbosch University, Kganyago conceded that though the timing is "delicate", he believes that "if SA wants to keep interest rates low, the most important thing we can do is to lower the inflation target"...

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