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ANC Suspends Ex-President Zuma, SARB Gov Speaks Against Central Bank Mandate Expansion

SOUTH AFRICA
  • The African National Congress (ANC) suspended former President Jacob Zuma for misconduct after he formed a breakaway political party and refused to campaign for the ANC ahead of this year's general elections. Secretary General Fikile Mbalula said that the National Executive Committee (NEC) unanimously backed the motion to suspend Zuma after failed attempts to defuse tensions.
  • SARB Governor Lesetja Kganyago reiterated that expanding the central bank's mandate to include employment and growth would not solve South Africa's structural problems. He told Metro FM radio that the SARB cannot fix the issues with logistics or electricity supply.
  • South Africa's M3 money supply grew 7.63% Y/Y in December versus +5.50% expected, while private sector credit was up 4.94% Y/Y, beating the +4.10% consensus forecast.
  • Monthly budget balance for December is due at 12:00GMT/13:00SAST. It may have flipped into a surplus of ZAR29.2bn, according to a Bloomberg poll.
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