The South African Reserve Bank looks set to leave interest rates on hold at 8.25% next week and it now seems an easing cycle won’t begin until after May’s election, the outcome of which could even persuade the SARB to not cut rates at all this year. Meanwhile, in Nigeria, the minutes from the CBN’s February meeting highlighted the MPC debate amongst doves and hawks on the use of aggressive interest rate hikes to rein in inflation and support the naira. We expect the hawks to win out again on Tuesday, with the MPC hiking rates by 200bp to 24.75%.
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