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SARB Stalls BRICS Proposals To Bypass Dollar, Local Data Eyed

SOUTH AFRICA
  • BusinessDay reported that the SARB has stalled proposals by Russia and India to introduce an interlinking payment infrastructure for settlement in their own currencies, as part of their efforts to reduce reliance on third-party currencies, chiefly the dollar. The Reserve Bank reportedly said that the BRICS should focus on other priorities, such as improving data-exchange standards, while South Africa should focus on interlinking initiatives in Africa.
  • Per the Mail & Guardian's report, the court papers filed by President Cyril Ramaphosa in response to an application by the Democratic Alliance to force the state to arrest Russian President Vladimir Putin if he comes to South Africa has been made confidential. The news outlet reported that diplomatic efforts surrounding Putin's ICC arrest warrant continue and the subject will be raised again with the Russian leader during the Russia-Africa summit in July.
  • South Africa's private sector credit growth eased to +6.85% Y/Y in May from +7.07% prior, coming in below the +6.90% consensus forecast. M3 money supply growth unexpectedly quickened to +10.30% Y/Y from +10.14%, exceeding the +10.10% median estimate.
  • South Africa's May trade balance and budget balance will hit the wires at 13:00BST/14:00SAST.
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