South Africa’s central bank lowered its benchmark interest rate by 25 bps to 8%, marking its first rate cut in four years. The cut was motivated by an optimistic inflation outlook, with recent data showing inflation cooling to 4.4% in August, significantly below the central bank’s target range midpoint. That led to a firmer currency, trading at 17.47 per USD shortly after the announcement. The bank has revised its inflation forecasts down for the coming years, reflecting a benign inflationary environment. In