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Kganyago Plays Down Cuts Amid Sticky Inflation, SARB Confirms Naidoo Had Left Bank

SOUTH AFRICA
  • South African Reserve Bank (SARB) Governor Lesetja Kganyago suggested that cutting interest rates is off the table as long as inflation remains persistent. The official told Bloomberg on the sidelines of the World Economic Forum that "our real rates are not particularly high and inflation has come down - it's within target - but it is not quite where we would like to see it. And if we are to make any policy adjustments, we would have to see that inflation has declined to our anchor, which is 4.5%."
  • The SARB confirmed that Kuben Naidoo had left the central bank on December 1 for "garden leave" and will no longer perform his duties as Deputy Governor and member of the MPC. President Cyril Ramaphosa is yet to announce his replacement just a week before the SARB's first monetary policy meeting this year.
  • Finance Minister Enoch Godongwana played down the prospect of tapping South Africa's ZAR497bn Gold & Foreign Exchange Contingency Reserve kept with the SARB to plug the fiscal hole. He noted that "there is not a deal and there is no pressure on us or the central bank", despite floating the idea last year and discussing it with the SARB and South Africa's creditors.
  • Pressure is mounting on President Cyril Ramaphosa to announce the date for this year's elections in his State of the Nation address next month. The polls must take place within 90 days from the dissolution of parliament in May. Political parties have argued that they need ample time to prepare for the elections.
  • Statistics SA will release November retail sales data at 11:00GMT/13:00SAST. Bloomberg consensus looks for a 1.1% Y/Y decline.
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