- MPC was split on decision
- Core CPI in 2025 seen at 3.8% vs 3.9% prior
- CPI in 2025 seen at 3.9% vs 4.0% prior
- Risks to inflation outlook are assessed to the upside
- Under 10% universal US tariff scenario, sees rand depreciating to nearly 21
South Africa loweres rates by 25 basis points
- SARB cuts repo rate to 7.50%
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