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SARB Raises Interest Rates, Eskom Reduces Load-Shedding

SOUTH AFRICA
  • South African Reserve Bank voted 3-2 to raise its monetary policy rate by less than expected Thursday, applying pressure to the ZAR and sending the local equity benchmark to new all-time highs. The central bank downgraded its growth outlook, citing logistical issues and the unprecedented extent of load-shedding. The decision was accompanied by hawkish rhetorical posturing, as Governor Kganyago said the SARB "means business" when it comes to price stability.
  • Eskom reduced its rolling blackouts to Stage 4 this morning. Power outages will remain at this level until further notice, providing some reprieve over the weekend. The electricity utility was previously alternating between daily Stage 4 and nightly Stage 5 rationing.
  • Elsewhere, Eskom said in a statement that it has launched the second phase of its land-lease scheme, looking to secure ~500MN of generation capacity from independent renewable energy projects.
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