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Naidoo Does Not See SARB as Behind the Curve

SOUTH AFRICA
  • In an interview with MNI, SARB deputy governor Naidoo said "We may have to [tighten policy] faster depending on the data. If that doesn’t work we will have to start applying the brakes, so we will have to take interest rates above what we would consider to be a neutral level.” Asked if hiking 50bps or perhaps more is consistent with the brake or the accelerator, Naidoo said: “At the moment we are taking our foot off the accelerator, and we could take it off at a faster pace.” Full MNI Interview found here: https://marketnews.com/mni-interview-sarb
  • On the ongoing outages and loadshedding pressures facing Eskom, News24 writes that Ramaphosa and Cabinet ministers are looking to give the government emergency powers to suspend or gazette new laws that could alleviate red tape and power outages.
  • The Financial Mail writes that the scandal surrounding Ramaphosa is set to intensify the slide of the ANC, ushering in a new era of politics in South Africa. They add that Ramaphosa’s image as an anticorruption torchbearer and vote-winner is in jeopardy — and the spectre of coalition politics beckons
  • May PPI and trade balance data takes focus going forward, with PPI seen rising by 14.0% on a Y/Y basis, an uptick from the 13.1% posted in April.
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  • In an interview with MNI, SARB deputy governor Naidoo said "We may have to [tighten policy] faster depending on the data. If that doesn’t work we will have to start applying the brakes, so we will have to take interest rates above what we would consider to be a neutral level.” Asked if hiking 50bps or perhaps more is consistent with the brake or the accelerator, Naidoo said: “At the moment we are taking our foot off the accelerator, and we could take it off at a faster pace.” Full MNI Interview found here: https://marketnews.com/mni-interview-sarb
  • On the ongoing outages and loadshedding pressures facing Eskom, News24 writes that Ramaphosa and Cabinet ministers are looking to give the government emergency powers to suspend or gazette new laws that could alleviate red tape and power outages.
  • The Financial Mail writes that the scandal surrounding Ramaphosa is set to intensify the slide of the ANC, ushering in a new era of politics in South Africa. They add that Ramaphosa’s image as an anticorruption torchbearer and vote-winner is in jeopardy — and the spectre of coalition politics beckons
  • May PPI and trade balance data takes focus going forward, with PPI seen rising by 14.0% on a Y/Y basis, an uptick from the 13.1% posted in April.