South Africa's central bank struck a measured tone after its first rate cut in more than four years on Thursday, saying although inflation had fallen faster than expected there were still risks to the outlook.

South Africa’s real, inflation-adjusted interest rates reached the highest level in 19 years after price pressures cooled, but that’s unlikely to embolden the central bank to cut borrowing costs by more than a quarter point.

SARB cut its main benchmark rate by a quarter percentage point to 8%.