South Africa’s top central banker told the Financial Times that “the job of taming inflation is not yet done,” suggesting he’s in no hurry to cut interest rates.
The comments by Lesetja Kganyago, governor of the South African Reserve Bank, come as central banks in some emerging markets are moving to lower rates as price pressures subside.
Policy makers in South Africa, who’ve held rates steady at 8.25% since May, need to see more evidence that inflation is moving closer to the middle of an official 3% to 6% target range before changing tack, Kganyago said in an interview.
