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Loadshedding Escalates Again

SOUTH AFRICA
  • Eskom tuned up loadshedding to Stage 5 until 20:00SAST, with Stage 6 set to kick in thereafter until 05:00SAST on Thursday "due to insufficient generation capacity and the need to further replenish emergency reserves". This pattern of implementing Stage 5 and Stage 6 loadshedding will be repeated daily until Saturday morning.
  • African National Congress (ANC) Secretary General Fikile Mbalula backpedalled on his earlier claims that loadshedding could be ended by the end of the year, insisting that sabotage is to blame for the current state of the grid. Mbalula had on several occasions suggested that power cuts would be a thing of the past by 2024.
  • South Africa's M3 money supply growth moderated to +6.08% Y/Y in October from +7.67% prior, missing the +7.10% consensus forecast. Private credit expanded by 3.94% Y/Y versus +4.60% prior and +4.30% expected.

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