Tables turn for interest rates in South Africa

• South African Reserve Bank is expected to raise its policy rate by 25 basis points to 7.25% on 23 September.
• The renewed rise in oil price and global interest rate hikes have led Morgan Stanley to change its call on South African interest rates.
• Morgan Stanley expects the SARB to hold rates through 2027, with markets pricing about 75 basis points of additional tightening in the long term.