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MARRAKECH, Morocco, Oct 11 - The head of South Africa's central bank said on Wednesday the government needed to rebuild its fiscal buffers to help bring down inflation, and that he expected domestic interest rates to stay higher for longer.
"Fiscal authorities have got to be rebuilding their fiscal buffers so that the process of disinflation is assisted," he told Reuters in an interview on the sidelines of the International Monetary Fund and World Bank Annual Meetings in Marrakech. In September, the South African Reserve Bank kept its main interest rate unchanged at 8.25%, its second pause after 10 consecutive hikes, after inflation edged up to 4.8% in August from 4.7% in July.
Kganyago said he would know more about South Africa's fiscal trajectory after a budget statement due on Nov. 1.
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