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SARB Gov Kganyago Rules Out Near-Term Cuts, Vows Independence Despite Election Pressures

SOUTH AFRICA
  • South African Reserve Bank (SARB) Governor Lesetja Kganyago said that the central bank will not cut interest rates until inflation is brought under control and stabilises at the +4.5% Y/Y mid-point of the target range. He pledged that the SARB will not yield to political pressure ahead of the May 29 elections and will continue to practice steadfast determination in pursuing its mandate.
  • The Treasury said that addressing the remaining 17 items on a plan to be taken off the Financial Action Task Forece's (FATF's) grey list by the February 2025 deadline "remains a tough challenge" and will require efforts from all relevant agencies.
  • Absa Manufacturing PMI may have improved to 46.5 in February from 43.6 prior, according to Bloomberg consensus. The data will be released at 09:00GMT/11:00SAST.
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