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Kganyago Defends Rate Hikes Despite Their Costs, NRS Finalises New Load-Shedding Stages

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago told eNCA that the central bank has to tighten monetary conditions to curb sticky inflation, despite the economic cost of rate hikes. The Governor spoke after data released by Statistics SA showed that headline inflation eased to +6.3% Y/Y in May, missing the +6.5% median estimate in a Bloomberg survey, while core CPI printed in line with expectations at +5.2%. During his interview, Kganyago also expressed optimism about the potential for South Africa being removed from the Financial Action Task Force's (FATF) gray list. The central bank is working with the National Treasury to achieve this as soon as possible. The Governor added that he had "no doubt that government's engagement with the US" will help South Africa retain its AGOA status, giving it duty-free access to US markets.
  • The National Rationalised Specifications (NRS) Association of South Africa said that the new load-shedding stages are being finalised. The revised document outlining load-shedding stages up to Stage 16 (more than a full day of power rationing) will be submitted to energy regulator NERSA in coming days. The NRS stressed that it does not mean that South Africa will ever reach these stages.
  • ANC Secretary General Fikle Mbalula will hold a media briefing at 11:00BST/12:00CEST in Johannesburg to discuss the outcomes of the ruling party's National Working Committee (NWC) meeting.
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