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Ramaphosa Prepares For ANC Leadership Contest, Dust Settles After SARB Rate Hike

SOUTH AFRICA
  • South Africa's President and ANC leader Cyril Ramaphosa for the first time openly declared his readiness to serve for another term after receiving the largest number of nominations from party branches. Delegates will elect the leader of the ruling party during the 55th National Conference next month, with Ramaphosa expected to secure another term, albeit with a weaker mandate. BusinessDay reports that he will likely run with Treasurer General and acting Secretary General Paul Mashatile as his number two.
  • The SARB raised the repo rate by 75bp in its final monetary policy decision of the year, with two dovish dissenters voting for a 50bp hike. Still, the central bank said it was surprised by the latest CPI reading and continues to seek a sustainable decline in the rate of inflation towards the mid-point of the target range. The decision pushed the prime lending rate to 10.5%
  • BusinessTech cites an energy analyst who warned that Eskom's diesel supply deal with PetroSA will ultimately be paid for by the taxpayer, while the recently acquired reserves will be depleted soon.
  • There are no major data releases on the local docket today.
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