South African Reserve Bank raised its policy rate by 25bps to 7.25%, the second increase this year, citing renewed price pressures from the Iran and Ukraine wars. The six-member MPC voted unanimously; the move matched market expectations. Governor said the bank has taken a cautious approach amid high uncertainty but remains focused on price stability and will aim to bring inflation back to 3% as current shocks fade. The rand recovered some earlier losses after the announcement.