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SARB To Announce Monetary Policy Decision

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago will announce the central bank's monetary policy decision during a press conference starting at 14:00BST/15:00SAST. A majority of economists in a Bloomberg poll look for a 25bp rate hike, which will likely take the repo rate to its terminal level. However, a sizeable minority expects an on-hold decision already this week. Hawkish expectations were somewhat tempered by below-forecast June CPI and May retail sales figures released yesterday. Click here to see our preview of the decision (it went out before the publication of the data).
  • South Africa managed to persuade Russian President Vladimir Putin not to attend the upcoming BRICS summit in person. The Daily Maverick reported that President Cyril Ramaphosa reached an agreement with Putin during their talks on the sidelines of the African Peace Mission in June but had to consult with other BRICS heads of state. The nature of these negotiations was revealed in Ramaphosa's second declassified court affidavit, which Ramaphosa asked to keep confidential until he completes consultations with his Indian and Chinese counterparts. Although Putin will not attend the summit, the opposition Democratic Alliance (DA) said that they will press ahead with a court case to ensure compliance with an ICC arrest warrant against Putin.
  • Eskom dismissed concerns of imminent grid collapse, insisting that it has "barriers" to prevent a total blackout. The utility had to escalate load-shedding yesterday as cold weather conditions returned.
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