The MPC keeps their foot on the brake

Imagine the South African economy is a fairly old bakkie and the Reserve Bank's Monetary Policy Committee is occasionally behind the wheel. They want the bakkie to keep running, that's economic growth, but they're worried the engine is overheating, that's inflation. The repo rate is their foot on the brake. They left it unchanged at 8.25% yesterday, but what do they say about the prospects for a reduction later this year? This episode is supported by the NWU Business School.