In South Africa, expectations for a 2024 interest rate cut have diminished, as noted in the latest Monetary Policy Review by the central bank, which now indicates that markets do not foresee a rate reduction this year. Despite this, inflation continues to exceed the target midpoint for 36 months straight, with public expectations of future inflation consistently above 5%. The central bank also expressed concern over the rand’s depreciation to its lowest level in 2024, noting the added volatility from political uncertainties surrounding the upcoming general election.