South African reserve bank leaves repo rate unchanged at 7.50%

• CPI seen at 3.6% this year vs 3.9% prior
• GDP growth seen at 1.7% vs 1.8% prior
• Proposed VAT increases would add about 0.2 pp to headline inflation
• For now, inflation appears contained
• We assess that risks to the growth are to the downside

Speaking of South Africa, I'll be in Cape Town at the end of May for FMAS 2025.