The South African Reserve Bank’s Monetary Policy Review (MPR) released this week made clear that a recommitment to fiscal consolidation and structural reforms are key to creating extra space for interest rates to be lowered, and without these rates may stay higher than we currently expect. Elsewhere, Nigeria’s recent reforms may be starting to reap benefits, but short-term pain from a weaker currency and high inflation means that the risk of the policy shift stalling remains high.
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