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Eskom Makes Request to Treasury as Diesel Crunch Looms

SOUTH AFRICA
  • News24 reports that Eskom have formally approached the Treasury to request ZAR 15bln for diesel and fuel alternatives to power open cycle gas turbines and counter load-shedding pressure. Eskom has already burned through their annual diesel budget, meaning if the Treasury payment is not granted, Eskom will not be able to procure more diesel until April next year.
  • The National Assembly passed bills yesterday that aim to directly target money laundering and terrorist financing in the country, which finance minister Godongwana sees as addressing 14 of the 20 anti-money laundering requirements identified by the FATF in their greylisting threat.
  • October CPI data crosses this morning at 0800GMT, with markets expecting Y/Y CPI to moderate to 7.4%, while core inches higher to 4.9% - the highest rate since 2017.
  • The SARB are expected to raise rates by 75bps on Thursday, putting the base rate at 7.00%, what the SARB deem as neutral. The bank could counter any overly hawkish tones with a sizeable minority opting for a smaller hike, suggesting that the front-loading phase of tightening has concluded.
  • Full MNI Preview including summary of sell-side views here: https://roar-assets-auto.rbl.ms/files/21206/MNISARBPrevNov22.pdf

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