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SARB Raises Rates By 50bp, DA To Hold Federal Congress, Trade Balance On Tap

SOUTH AFRICA
  • South African Reserve Bank unexpectedly raised interest rates by 50bp, although all analysts polled by Bloomberg called for a 25bp move, while the market was hardly fully priced even for a quarter-point rate rise. The central bank demonstrated its resolve in getting on top of inflation, as it revised its price outlook for 2023 to +6.0% Y/Y from +5.4% pencilled in at the previous meeting. Governor Lesetja Kganyago took a dig at economists, noting that they thought that "we aren't serious about tackling inflation," but "very soon they will think like us."
  • Responding to questions before the National Council of Provinces (NCOP) Thursday, President Cyril Ramaphosa pleaded innocence in the Phala Phala scandal. This comes as former President Thabo Mbeki slammed the ruling African National Congress for defending Ramaphosa "at all costs" by preventing an independent probe into the affair. Ramaphosa also told the NCOP that there is light at the end of the tunnel for South Africa's energy crisis but he did not provide any timeline.
  • The Democratic Alliance, South Africa's second-largest party and the main opposition force in parliament, will hold its federal congress over the weekend. Delegates will elect party leader and other senior executives. Incumbent federal leader John Steenhuisen and former Johannesburg Mayor Mpho Phalatse are vying for the top job and the winner will face the task of leading the party into the 2024 elections.
  • South Africa's trade balance for February will cross the wires at 13:00BST/14:00SAST. Consensus looks for a deficit of ZAR14.6bn after January saw a ZAR23.1bn shortfall.
EM BulletHomepageBulletPolitical RiskEmerging Market News
EM BulletHomepageBulletPolitical RiskEmerging Market News

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