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Monetary Policy Becomes Restrictive, Parliament Approves Eskom Debt Relief Bill

SOUTH AFRICA
  • The rand collapsed to new record lows while government bond yield curve steepened as the SARB took a unanimous decision to raise interest rates by the expected 50bp and said that some "short-term pain" is needed to avoid having to deliver more tightening further down the road. Governor Lesetja Kganyago for the first time described the current monetary policy stance as "restrictive" but refused to speculate how long South Africa will stay in this territory. The central bank warned that the rand will likely depreciate further, while the Governor said that the MPC will not adjust policy based on exchange-rate developments.
  • The Kremlin said that the format of President Vladimir Putin's participation in the August BRICS summit hosted by South Africa is yet to be determined. Meanwhile, President Cyril Ramaphosa said in a speech that South Africa will maintain its "independent" and "non-aligned" foreign policy, sticking with its "position on the peaceful resolution of conflict wherever those conflicts occur," despite being pressured to change tack.
  • Parliament passed the Eskom Debt Relief Bill, approving the utility's ZAR254bn bailout, as the opposition failed to break the quorum. The National Treasury says it will only transfer the money if Eskom complies with strict conditions, such as no new borrowing and generation projects.
  • Deputy President Paul Mashatile confirmed that the government is working on amending the legislation governing coalition formation. He said the process will involve a national dialogue on coalitions, possibly within two months, a list of criteria on coalition formation, and then legislation.
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