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SARB Planning To Implement CCyB In 2025, Data Eyed Later Today

SOUTH AFRICA
  • The South African Reserve Bank (SARB) said it had contingency plans for the "improbable but not impossible" scenario of a complete collapse of the national electricity grid or another potential systemic shock. The central bank noted that it sees stress on domestic lenders from high interest rates and announced plans to phase in a countercyclical capital buffer in 2025.
  • Tensions with Israel continue to simmer as ANC Secretary General Fikile Mbalula called on the International Criminal Court (ICC) to take action against Prime Minister Benjamin Netanyahu, whom he dubbed "murderer". He also reaffirmed the ANC's support for cutting diplomatic ties with Israel, despite the government's scepticism towards the proposed move.
  • South Africa's October PPI data will cross the wires at 09:30GMT/11:30SAST, with consensus looking for an acceleration in factory-gate inflation to +5.8% Y/Y from +5.1% prior. Trade balance and budget data will be released later in the day at 12:00GMT/14:00SAST.
  • Minister in the Presidency Khumbudzo Ntshavheni will hold a media briefing on the outcomes of the latest Cabinet meeting at the top of the hour.

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