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Backlash Against Energy Crisis Intensifies, Rand Weakest In EMEA This Week

SOUTH AFRICA
  • Civil society groups are planning street protests in Cape Town ahead of President Cyril Ramaphosa's State of the Nation Address on February 9. The protesters will speak against ongoing power outages and call on the government to find alternative energy sources. This comes as opposition parties and a growing cohort of civil society organisations have been threatening to take the government to court over Eskom's load-shedding and the recently announced electricity-tariff hike.
  • South African Rand weakened for five consecutive days and has been the worst performer in the EMEA space by a comfortable margin. The deepening energy crisis has amplified pressure to the ZAR.
  • The focus turns to the next monetary policy decision from the SARB, which will be announced next Thursday.
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