CITI'S TAKE 23 Jul 2026 10:48:12 ET │ 8 pages Flash | South Africa Economics SARB: Surprise unchanged stance leaves ZAR weaker; we have another rate hike in our baseline South Africa Economics 23 July 2026 Citi Research The SARB surprised markets by keeping its policy rate unchanged, a decision we view as a temporary pause. Despite the SARB citing lower near-term CPI forecasts, we remain concerned by underlying inflation, particularly in services. We maintain our baseline forecast for a 25bp rate hike in Se ...