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Ramaphosa Rumours Dominate Local Press

SOUTH AFRICA
  • Controversy and accusatory newspaper pieces continue to circulate around Ramaphosa and the supposed robbery that resulted in $4mln of losses that the President subsequently covered up. While Ramaphosa continues to deny any wrongdoing, AmaBhungane reports that Namibian authorities have identified several suspects in the theft, prompting the government to state that Ramaphosa will cooperate fully with the authorities in any investigation, but he remains focussed on rebuilding the economy.
  • In the latest development, Ramaphosa will now appear in front of the ANC’s integrity commission on a voluntary basis. No specific time or date was given, but comes ahead of the President’s attempts to be re-elected as head of the ANC later this year, according to BusinessDay.
  • Data released this morning showed that SARB’s government bond holdings rose above R40bln in the month of May, a rise of R400mln on the month. Net reserves data was broadly inline with forecast, at $54.4bln vs. Exp. $54.5bln.
  • The opposition Democratic Alliance have announced plans to introduce a new private members bill to parliament that will de-regulate the fuel sector by amending the Petroleum Products Act to ensure “that price gouging does not occur, particularly in rural and small towns where competition may not be fully developed.” The bill will be published for public comment shortly, with the public asked for their inputs and suggestions on the draft law, according to BusinessTech.
  • GDP data due later today is expected to show Q1 growth accelerated to 1.9% Y/Y from 1.7% previously. Q/Q growth is seen inline with the prior at 1.2%. The data is due at 1030BST/0530ET.
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