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Grey List Addition Seen as Highly Likely

SOUTH AFRICA
  • The load shedding schedule remains fraught this week, with Eskom announcing stage 4 load shedding during the day on Monday, escalating to stage 6 during the evening peak, before falling back to stage 4 overnight. This timetable will be in place for most of the week, however the utility expects to reduce outages by moving to stage 2 load shedding by the weekend.
  • On Eskom’s debt burden, News24 report that the Treasury is working on a solution to restructure the R400bln debt pile – which is expected to be submitted to cabinet by October.
  • Petrol prices are expected to rise further this week. The Department of Mineral Resources and Energy are yet to publish the latest price adjustments due to take effect on Wednesday, but BusinessTech cite Central Energy Fund data as pointing to a R1.60-R1.80 hike for petrol and a R1.55 hike for diesel. However, the halving of the general fuel levy intervention means another 75 cents per litre is expected on top.
  • Fin24 report that South Africa is set to be placed on a ‘grey list’ by the G7’s Financial Action Task Force after failing to take sufficient action against terrorism funding and money laundering. Such a move would raise South Africa’s risk profile, and could attach a higher risk premium to relationships between South African banks and international financial institutions.
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