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SARB Dep Gov Says It's Too Early To End Rate-Hike Cycle, IEC Deliberates Election Date

SOUTH AFRICA
  • SARB Deputy Governor Fundi Tshazibana suggested that it is impossible to declare that the tightening cycle is over as there are too many risks to the inflation outlook. The official said at an event at the Gordon Institute of Business Science that "we have seen recent price pressures mainly in fuel but also on the food side". She also expressed support for the SARB's strategy of anchoring inflation at +4.5% Y/Y, the mid-point of the official +3.0%-6.0% Y/Y target range.
  • The Electoral Commission of South Africa (IEC) said that it is in touch with President Cyril Ramaphosa to decide the data for next year's general elections. Chief Electoral Officer Sy Mamabolo said that the polls will take place between May and August, while the national and provincial elections will likely run concurrently, as has been the case historically.
  • The ANC National Executive Committee (NEC) has approved a decision to terminate cooperation with the Economic Freedom Fighters (EFF) and Patriotic Alliance (PA) at the provincial level. The ruling party's top brass described the EFF as "corrupt" and "dictatorial" while blasting the PA for its pro-Israel stance. The NEC's recommendation will be forwarded to the National Task Team for Coalitions, National Officials and National Working Committee (NWC).
  • Electricity Minister Kgosientsho Ramokgopa told lawmakers that the country is on track to end loadshedding. The efforts to improve electricity generation will receive a boost in April due to the earlier than expected return to service of Medupi Unit 4. The unit was expected to come back online in August 2024.
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