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SARB Appoints New Adviser, Q3 GDP Provides Dovish Signal

SOUTH AFRICA
  • The South African Reserve Bank (SARB) named David Fowkes an adviser to its Governors effective December 1. Some commentators note that the position had in the past served as a stepping stone to becoming a policymaker. Fundi Tshazibana held the position since February 2018, before becoming Deputy Governor in July 2019. Fowkes' appointment comes as Deputy Governor Kuben Naidoo tendered his resignation, which will soon vacate a seat on the Monetary Policy Committee (MPC).
  • Economic Freedom Fighters (EFF) Leader Julius Malema and five other EFF MPs have been banned from parliament from February 1 to 29, which means that they will skip next year's State of the Nation Address (SONA). The decision was due to their behaviour during this year's SONA, when they tried to disrupt President Cyril Ramaphosa's speech by entering the stage.
  • News24 ran a piece noting that disappointing Q3 GDP data released yesterday raise the prospect of South Africa ending this year in recession, with the economy hit by periods of Stage 6 loadshedding in the final quarter. Goldman Sachs wrote that they view the latest GDP print as "incrementally dovish from the perspective of the SARB".
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