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SARB Rate Decision Takes Centre Stage

SOUTH AFRICA
  • Governor Lesetja Kganyago will announce the SARB's monetary policy decision during his press conference at 14:00BST/15:00SAST. Most economists expect the Reserve Bank to raise interest rates by 50bp (click here to see our preview) amid heightened price pressures and rand depreciation. That being said, the decision will be announced a day after South Africa's April CPI figures missed expectations, with PPI due to cross the wires today at 10:30BST/11:30SAST.
  • Sources told the Daily Maverick that the U.S. suspended the sale of nuclear fuel components for the Koeberg nuclear power plant because South Africa demanded the right to manufacture its own fuel in the future, sparking concerns over the potential proliferation of enriched uranium. The newspaper reports that South Africa believed there was an "extremely lucrative market" for nuclear fuel sourced from "non-aligned countries" amid rising global geopolitical tensions.
  • President Cyril Ramaphosa will deliver a keynote speech at the Africa Day celebrations this morning. Deputy President Paul Mashatile will testify to parliament later in the day, answering questions spanning from land reform to South Sudan.
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