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SARB Governor Says Central Bank Has No Tools To Deal With Unemployment

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago called elevated unemployment a "structural problem" in South Africa, which the central bank doesn't have tools to deal with. The nation's official unemployment rate at 32.9% is among the highest in the world. Kganyago's comments come after some senior ANC officials suggested that the central bank's mandate should be expanded to include job creation alongside keeping inflation in check.
  • Energy Minister Gwede Mantashe deflected blame for ongoing power outages and continued to accuse outgoing Eskom CEO De Ruyter and his management team of treason. Meanwhile, the electricity utility is set to run out of diesel needed to operate its open-cycle gas turbines (OCGTs) within two weeks and is struggling to find quick fixes of the problem.
  • The local economic docket is virtually empty through the rest of this week, which keeps the Eskom situation in the limelight. The SARB will meet to decide on interest rates next Thursday.
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