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SARB Keeps Rates Unchanged In Final Decision Of 2023

SOUTH AFRICA
  • The South African Reserve Bank (SARB) left interest rates unchanged yesterday. The decision was unanimous, which represented a dovish shift in the vote split from 3-2 in September. The Monetary Policy Committee (MPC) chose to stand pat despite the recent acceleration in headline inflation, but Governor Lesetja Kganyago refused to speculate on the timing of future rate cuts, with risks to the inflation outlook still tilted to the upside.
  • SARB Governor Kganyago pushed back against calls to allow the National Treasury to make use of the country's Gold and Foreign Exchange Contingency Reserve Account to plug the growing fiscal hole. The official warned that treating the money like a "pot of gold" would be "reckless".
  • President Cyril Ramaphosa vowed to hold those responsible for unprecedented truck congestion in north KwaZulu-Natal accountable. A number of challenges are preventing truck drivers from accessing the port in Richards Bay, with exports being held up on roads.
  • The ANC's National Working Committee (NWC) instructed provincial branches to improve turnout amid disappointing participation in the process of selecting candidates who will represent the party in parliament and provincial legislature.
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