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SARB Conference Begins, Eskom Escalates Loadshedding

SOUTH AFRICA
  • The SARB starts its two-day biennial conference today. Today's speaker slate features Governor Lesetja Kganyago, Deputy Governor Rashad Cassim and MPC's Christopher Loewald, as well as Atlanta Fed's Raphael Bostic and BoE Chief Economist Huw Pill. The theme for the conference is "Post-crisis lessons and policy challenges".
  • The central bank came under criticism from opposition parties as Governor Kganyago said the SARB could not have widened the scope of its inquiry into the Phala Phala scandal and refused to make the findings public, arguing that it would violate the law. The probe cleared President Cyril Ramaphosa of any wrongdoing.
  • Eskom announced that it would maintain Stage 4 loadshedding until 16:00 today instead of moving to Stage 2 due to the loss of three generation units last night and the need to replenish the emergency generation reserves. Another update will be published this afternoon.
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