Not as Clear as it Seemed

Research evidence excerpt

Not as Clear as it Seemed

Update

July 24, 2026 04:00 AM GMT

RMB Morgan Stanley Proprietary LimitedMCEEMEA Economics Weekly | EEMEA Andrea Masia

Economist

Not as Clear as it Seemed Andrea.Masia@rmbmorganstanley.comMorgan Stanley & Co. International plc +27 11 587-0820

Georgi Deyanov

The bar for another rate increase in South Africa is higher than EconomistGeorgi.Deyanov@morganstanley.com +44 20 7425-7006

we had assumed. We expect the policy rate to remain at 7% for Yomna Moheieldin

an extended period and move our first cut to May 2027. In the Economist

Yomna.Moheieldin@morganstanley.com +44 20 7677-0771

week ahead, we have growth and inflation data in CEE.

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