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SOUTH AFRICA: Ramaphosa Confirms Dissolution Of Two PECs Is Under Discussion

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • President Cyril Ramaphosa confirmed that his African National Congress (ANC) is still discussing the proposal to disband the Provincial Executive Committees (PECs) in Gauteng and KwaZulu-Natal due to the poor results achieved in these regions in last year's elections. Ramaphosa said that the National Executive Committee (NEC) did not manage to make final decisions during its meeting on Monday. Separately, a source told Mail & Guardian that the issue was not even put to discussion this week, as the NEC focused on preparations for the delivery of the so-called January 8 Statement, which will map out the party's priorities for the year ahead.
  • BusinessDay reported that the International Monetary Fund (IMF) said that the South African Reserve Bank (SARB) is doing well on transparency but should provide more information about the dissenting votes in monetary policy decisions and offer more clarity on "who is responsible for any changes to the inflation target."
  • South Africa's gross reserves slipped to $65.46bn in December from $65.86bn prior. Net reserves ticked lower to $60.37bn from $60.62bn.
  • The December reading of Absa Manufacturing PMI will be released at 09:00GMT/11:00SAST.
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  • President Cyril Ramaphosa confirmed that his African National Congress (ANC) is still discussing the proposal to disband the Provincial Executive Committees (PECs) in Gauteng and KwaZulu-Natal due to the poor results achieved in these regions in last year's elections. Ramaphosa said that the National Executive Committee (NEC) did not manage to make final decisions during its meeting on Monday. Separately, a source told Mail & Guardian that the issue was not even put to discussion this week, as the NEC focused on preparations for the delivery of the so-called January 8 Statement, which will map out the party's priorities for the year ahead.
  • BusinessDay reported that the International Monetary Fund (IMF) said that the South African Reserve Bank (SARB) is doing well on transparency but should provide more information about the dissenting votes in monetary policy decisions and offer more clarity on "who is responsible for any changes to the inflation target."
  • South Africa's gross reserves slipped to $65.46bn in December from $65.86bn prior. Net reserves ticked lower to $60.37bn from $60.62bn.
  • The December reading of Absa Manufacturing PMI will be released at 09:00GMT/11:00SAST.