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Load-Shedding Reduced, ANC To Engage With SARB

SOUTH AFRICA
  • South Africa's Electricity Minister and Police Minister will update the media on addressing security issues related to the implementation of a plan to reduce rolling blackouts. Meanwhile, Eskom de-escalated power outages and will now be moving between Stages 2 and 4 until further notice, after it managed to replenish the pumped storage dam levels and the condition of open cycle gas turbines (OCGTs) improved.
  • The ruling African National Congress (ANC) said that it told Finance Minister Enoch Godongwana to urgently discuss with the South African Reserve Bank (SARB) how it could tame inflation without raising interest rates. ANC Secretary General Fikile Mbalula said that the party's National Executive Committee (NEC) was concerned with the impact of monetary tightening on people's disposable incomes.
  • There is little of note on the local economic docket today. Later in the week, the focus will shift to June CPI (Wednesday) and SARB monetary policy decision (Thursday). Most analysts expect the SARB to hike the policy rate by 25bp, but a minority of 6/21 in a Bloomberg poll call for no change.
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