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SARB Keeps Interest Rates Unchanged, Loadshedding Remains Suspended

SOUTH AFRICA
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  • The South African Reserve Bank (SARB) kept interest rates unchanged in a unanimous decision, in line with expectations, as inflation continues to hover above the mid-point of the +3.0%-6.0% Y/Y target band. Governor Kganyago stuck with his "higher for longer" message, as the new forecast implied a later return to the target mid-point (i.e. only at the end of 2025).
  • A Durban court reserved judgement in a case between the ANC and the MK Party over the latter's use of the name and logo of the former's now non-existent military wing. This came after the Electoral Court refused to de-register the MK Party in another case brought by the ANC.
  • South Africa's M3 money supply growth slowed to +5.71% Y/Y in February from the revised +6.61% prior. Private sector credit rose 3.32% Y/Y in February versus +3.16% in January, surpassing consensus forecast of +3.24%.
  • Eskom has suspended loadshedding until Sunday due to the "sustained available generation capacity and the planned return to service of 2,300MW of generation capacity by Friday, along with the anticipated low demand over the long weekend."
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  • The South African Reserve Bank (SARB) kept interest rates unchanged in a unanimous decision, in line with expectations, as inflation continues to hover above the mid-point of the +3.0%-6.0% Y/Y target band. Governor Kganyago stuck with his "higher for longer" message, as the new forecast implied a later return to the target mid-point (i.e. only at the end of 2025).
  • A Durban court reserved judgement in a case between the ANC and the MK Party over the latter's use of the name and logo of the former's now non-existent military wing. This came after the Electoral Court refused to de-register the MK Party in another case brought by the ANC.
  • South Africa's M3 money supply growth slowed to +5.71% Y/Y in February from the revised +6.61% prior. Private sector credit rose 3.32% Y/Y in February versus +3.16% in January, surpassing consensus forecast of +3.24%.
  • Eskom has suspended loadshedding until Sunday due to the "sustained available generation capacity and the planned return to service of 2,300MW of generation capacity by Friday, along with the anticipated low demand over the long weekend."