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Debt Relief Measures Look to Shore Up Municipalities

SOUTH AFRICA
  • Light domestic newsflow to round off the week, with most local press focusing on the further attempts to of the Johannesburg City Council to elect a new mayor. The various parties on the council had failed to reach an agreement earlier in the week on which candidates to put forward in the process.
  • Moneyweb write on the Treasury’s plans to provide debt relief to municipalities that deem themselves ‘overstretched’ via new measures that should reduce debt at a local level as well as with Eskom. The debt relief is conditional, however, and the municipality becomes subject to monthly monitoring, the installation of smart meters and a number of other measures.
  • No data releases due Friday, with the Treasury selling 2033, 2046 and 2050 linkers as well as the routine T-bill supply.
  • ZAR heads into the European morning holding the bulk of the recovery off the week’s Wednesday low. Support for USD/ZAR remains at 18.1706 – a break below which would open mid-April lows of 17.9928.
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