It is almost inconceivable that the South African Reserve Bank's Monetary Policy Committee would raise interest rates in the current atmosphere.
Brian Kantor, strategist for Investec Securities, said: "It is quite clear now that the last increase was over the top."
He noted that there was now a lot of news on the impact on things like consumer spending.
The MPC meets on January31 to decide on whether to raise the repo rate again. Last year the committee hiked interest rates four times, bringing the repo rate to 14,5percent.
"If it was a close call last time, it is almost inconceivable this time," said Kantor. - I-Net Bridge