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SA Could Soften Neutral Stance Toward Ukraine Conflict

SOUTH AFRICA
  • Business Live reports that South Africa has softened its neutral stance toward the Ukraine crisis after a meeting held between the Ukrainian ambassador and SA’s Dept of International Relations. The approach toward the crisis could change following the presentation of evidence of war crimes, with Ramaphosa now close to securing a direct call with Ukraine’s Zelensky.
  • Finance Minister Godongwana this morning stated that the potential adverse scenarios for the South African economy from the Ukraine crisis are “fairly contained and mostly indirect”. Weak trade intensity between South Africa and Russia/Ukraine helps insulate the real economy, although persistently higher energy and agricultural prices pose upside risks to both inflation and interest rates.
  • The SARB Monetary Policy Review crosses today at 1500BST/1000ET, while the Treasury look to sell a combined R3.9bln in 2035, 2044 and 2048 bonds.
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