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SARB To Announce Monetary Policy Decision

SOUTH AFRICA
  • The South African Reserve Bank (SARB) will announce its latest monetary policy decision during a press conference starting at 13:00GMT/15:00SAST. This comes after data released yesterday showed that headline inflation accelerated to a five-month high of +5.9% Y/Y, approaching the upper end of the +3.0%-6.0% Y/Y target range. The expectation-busting inflation outturn caused some angst ahead of the imminent rate decision, as none of the 22 economists surveyed by Bloomberg expected the SARB to adjust its policy rate in any direction. While most believe that a stand-pat decision is the most likely scenario, a number of sell-side analysts have flagged the potential for hawkish language being deployed by the central bank.
  • The Department of International Relations and Cooperation (DIRCO) has not yet decided whether to implement a parliamentary resolution calling for cutting diplomatic ties with Israel. The Daily Maverick reported that "some officials in the national executive are clearly annoyed by the ANC vote, which they regard as a trespass by the party on the constitutional prerogative of the President and the Cabinet". The matter is expected to be discussed by ANC National Working Committee (NWC) in the coming days and by the Cabinet on November 29.
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