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SARB Chief Econ Calls For Consistent Fiscal Policy, Loadshedding Reduced Ahead Of Weekend

SOUTH AFRICA
  • SARB Chief Economist Chris Loewald wrote in his newly published book that weak economic growth and difficulty in keeping fiscal discipline may disrupt the return to lower inflation. The official noted that maintaining inflation at the +4.5% Y/Y target mid-point would require long-term inflation expectations returning there too. In his view, "macroeconomic policy has become more important" for achieving this. Fiscal matters are coming to the fore ahead of next week's budget speech.
  • Nedbank said that the SARB will likely cut interest rates three times in 2H2024, each time by 25bp. They also noted that the economy will likely grow 1.0% this year and 1.5% next.
  • Loadshedding will be eased to Stage 2 this morning amid the return of additional generating units, adequate emergency reserves, and anticipated lower electricity demand, according to a statement from Eskom.
  • President Cyril Ramaphosa told lawmakers that he is yet to decide on the date for the upcoming national and provincial elections.
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