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Local Banks See Mortgage Rates Topping 11% Early Next Year

SOUTH AFRICA
  • A front-page piece in IOL today writes that homeowners should be warned: despite economists and property experts predicting a 50bps move from the SARB next week, there is a chance rates could be raised 75bps.
  • The piece cites views from Absa, who see the prime lending rate rising as high as 11% by the end of January (effectively the SARB’s repo rate + 3.5 percentage points). This translates to an average rise in monthly loan payments of ZAR 1,050.
  • The Post Office is to request a government bailout of as much as ZAR 3.4bln, with at least ZAR1bln in funding needed by end-March next year to meet cash flow requirements.
  • Today is the end of the deadline for the Treasury to respond to pay demands from the Public Servants Association union, and failure to respond will result in more national strike action.
  • At yesterday’s Daily Maverick webinar, the National Treasury’s acting DG stated that the financial system is being overhauled to address weaknesses and tilt the country away from a potential greylisting from the FATF.
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