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SARB Seeks ZARONIA Feedback in Transition Push

SOUTH AFRICA
  • The SARB are seeking market feedback across October on three new working papers that make up part of their consultation with participants on the transition to ZARONIA to price short-term loans, with the intention of fully phasing out the JIBAR.
  • Several domestic outlets are covering the view from Citigroup posted yesterday that the SARB will be among the last central banks globally to cut interest rates this cycle. The Citi analysts stated that without a cautious SARB, the USD/ZAR rate could climb above 20.00.
  • Money supply and private credit data came in slightly soft vs. expectations: M3 Money Supply (Aug) Y/Y 8.52% vs. Exp. 9.05%, Private Credit (Aug) Y/Y 4.38% vs. Exp. 5.00%.
  • Trade balance data is due later today, with the trade surplus expected to half from R16bln to R8bln.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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