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Focus Turns to Key KZN ANC Conference

SOUTH AFRICA
  • Fin24 today write that South Africans should prepare for more interest rate hikes after yesterday’s larger-than-expected 75bps SARB move. Their write-up sees another two sizeable hikes in 2022, adding further pressure to households carrying debt. Elsewhere, one media outlet The South African puts it more bluntly: “In debt? You are now screwed due to the new repo rate”.
  • Market focus turns to this weekend’s KZN provincial conference for the ANC, at which the political future of several party leaders – including President Ramaphosa – could be determined. As KZN is the biggest province in terms of numbers, it has previously played a kingmaking role in the ANC’s elective conference, which takes place in December this year, where Ramophosa vies for re-election.
  • Many of the candidates running for the provincial leadership in KZN are supported by the staunchly pro-Zuma RET faction of the ANC and would spell trouble for Ramaphosa’s hopes later this year.
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