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No Clear Decisions On BRICS Summit, Ramaphosa To Speak With Xi

SOUTH AFRICA
  • The government stayed mum about the prospect of Russian President Vladimir Putin coming to South Africa for the August BRICS summit. During a post-Cabinet media briefing, Minister in the Presidency Kumbudzo Ntshavheni said that for now the event is still going to take place in South Africa, but an announcement will be made if there are any decisions surrounding the potential venue change or Putin's attendance. She added that Russia made it clear that acting on the ICC arrest warrant and detaining its President would be tantamount to a declaration of war. BusinessLive reported that President Cyril Ramaphosa wants to use his imminent trip to Moscow to try and persuade Putin not to attend the summit in person and instead dial in from abroad.
  • Ntshavheni also told reporters that Ramaphosa would be calling Chinese President Xi Jinping this week as speculation is rife that the BRICS summit could be moved to China. The confirmation that the two leaders will speak has added fuel to these speculations, with South Africa still looking for solutions to avoid hosting Putin.
  • USD/ZAR extended its losing streak to six consecutive days on Thursday, printing its worst levels in a month, on the back of positive better-than-expected South African manufacturing output and current-account balance, more optimism on the prospect of alleviating the electricity crisis, as well as firm gains for precious metals.
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