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Gov't Seeks To Address Energy Crisis, Dep FinMin Denies S. Africa Favours Russia

SOUTH AFRICA
  • Deputy President Paul Mashatile said that the government "is determined to keep the lights on" and will be purchasing emergency power after Eskom warned that power outages could reach a record-breaking Stage 8 in winter. Against this backdrop, it was revealed that Karpowership secured permission to moor its ship-mounted power plants at three South African harbours.
  • Speaking at an event in New York on Thursday, Deputy Finance Minister David Masondo denied that South Africa favours Russia and insisted that the country has "consistently taken a non-aligned stance on the conflict in Ukraine." The official reiterated that South Africa did not authorise any sales of weapons to Russia and called for an urgent resolution to the diplomatic spat with the U.S. which has put the rand and SAGBs under pressure.
  • Spot USD/ZAR rallied to close to its all-time highs printed last week while 1-week implied volatility crept higher ahead of next Thursday's SARB monetary policy decision. When this is being typed, 9 out of 10 economists polled by Bloomberg expect a 50bp rate hike, with the lone dissenter calling for a 25bp move.
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