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Mufamadi To Discuss Trade Benefits During U.S. Trip

SOUTH AFRICA
  • President Cyril Ramaphosa's National Security Adviser Sydney Mufamadi leads a delegation to Washington DC as South Africa is trying to convince the White House and congressional leaders not to deprive the country of trade benefits despite its controversial stance on Russia's war against Ukraine. South Africa's privileges under the Africa Growth and Opportunity Act (AGOA) will be extended or terminated in 2025, which gives the U.S. leverage over the sub-Saharan nation. The Daily Maverick reports that there are concerns in the U.S. over South Africa's failure to condemn Russia and its growing alignment with the Russia-China camp at a time of simmering international tensions.
  • South Africa's M3 money supply rose 8.90% Y/Y last month, missing the +10.00% consensus forecast. Private sector credit grew 7.19% Y/Y versus +7.80% expected. The focus on the data front turns to trade balance for the month of March, due at 13:00BST/14:00SAST.
  • Activity in South Africa remains in a lower gear in the interim between yesterday's Freedom Day and the upcoming long weekend.
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