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SARB Deputy Gov says Room Remains to Raise Rates

SOUTH AFRICA
  • Quiet day so far in terms of South Africa news, although notably no major wires pick up on an interview with SARB deputy governor Cassim ahead of the Sep 22nd rate decision:
  • In a speech posted late yesterday with Business Day, deputy SARB governor Rashad Cassim noted that a weak ZAR, an acceleration in negotiated pay increases and the rising risk of strikes arguing in favour of better pay all remain a great concern at the SARB. Cassim added that there is still room for rate increases despite weaker growth figures, as real policy rates remain in negative territory.
  • Elsewhere, a number of outlets cover new documents that outline potential replacements for the ZARR350 social relief distress grant in South Africa, including introducing a job-seeker grant and a caregiver grant. The proposals have already drawn criticism, with social groups saying they would ultimately exclude the majority of current SRD recipients.
  • BER Consumer Confidence crosses later today, with current account and manufacturing production data also on the docket.
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