The combination of lower inflation and lower growth suggests, at least to some, that the time has come for rate cuts. The MPC will meet in late July to consider how the outlook has changed, and we will make the appropriate decision at that time. We are not here for me to give interesting hints about the next repo rate decision.
The best source on MPC decisions is the MPC statement, not speeches a month prior. Instead, this speech is about our broader policy constraints and the medium-term outlook for the South African economy. We confront major challenges – challenges which cannot be resolved in any meaningful sense by fine-tuning the repo rate – and we need to grapple with those problems.