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Inflation Data On Tap, Godongwana Plays Down De-Dollarisation Talk

SOUTH AFRICA
  • South Africa's headline inflation may have decelerated to +4.9% Y/Y in July from +5.4% prior, according to a Bloomberg poll of economists. Core inflation is expected to have cooled by a smaller margin, to +4.9% Y/Y from +5.0%. Nedbank wrote that the expected slowdown in annual inflation was supported by base effects, but monthly CPI growth may have accelerated due to some seasonal price adjustments. As a reminder, the SARB wants to anchor inflation, core inflation and inflation expectations at the +4.5% Y/Y mid-point of the target range. The data will be published at 09:00BST/10:00SAST.
  • Finance Minister Enoch Godongwana said that it was premature for South Africa to enter the debate on de-dollarisation and the creation of an alternative to the Swift system. Speaking on the fringes of President Xi Jinping's visit to the country, Godongwana noted that South Africa's trade with the EU and US far exceeds that with China. Meanwhile, Russian President Vladimir Putin said in a pre-recorded video address to the BRICS Summit that de-dollarisation was an irreversible process.
  • The Daily Maverick reports that Indian Prime Minister Narendra Modi refused to disembark his aircraft on arrival to South Africa, because Pretoria only sent a Cabinet member to welcome him, while China's Xi Jinping was greeted by President Cyril Ramaphosa. Eventually, Deputy President Paul Mashatile was despatched to greet Modi. Earlier reports had suggested that Modi contemplated skipping the BRICS Summit amid souring relations with China, but Ramaphosa persuaded him to come.
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