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Local Press Looks for ZAR Strength, Lower Rates in 2024

SOUTH AFRICA
  • News24 run a front page piece on 'what to expect from the rand in 2024', citing various analyst views. They subhead with 'some economists expect the rand will end 2024 stronger than it is currently'. Analyst consensus looks for 18.3250 for year-end USD/ZAR, but estimates range from 16.00 to 20.40.
  • Moneyweb flag the dependencies of 2024 economic performance on exports, consumer spending and investment, while writing that there are signs that inflation is easing, and is now within the SARB target range. As such, interest rates may have peaked and could begin easing later in the year.
  • Money supply data out earlier today showed M3 rising by 5.46% (Prev. 6.08%). Meanwhile, private sector credit rose 3.84% (Prev. 3.94%). Trade balance and monthly budget balance data are due later this morning.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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