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SOUTH AFRICA: SARB's Fowkes Plays Down Impact Of Rand Weakness On Inflation

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • South African Reserve Bank's (SARB's) David Fowkes played down the impact of the rand's sharp depreciation observed since early November on inflation and said that it was not a source of concern for the central bank. Fowkes made these remarks during a closed-door meeting with investors and they were reported by Bloomberg via their sources. The official added that the SARB still sees monetary policy settings as restrictive despite cutting interest rates by 50bp in this cycle.
  • The Bureau for Economic Research (BER) said that "traders have now adjusted their expectations to just one 25bps cut by the SA Reserve Bank (SARB) this year (from three expected earlier)" on the back of Fed repricing. They believe that "there still is a window for the bank to move the policy stance closer to neutral in January and, for now, think that they could cut again in March," even as the risk that the central bank keeps the repo rate on hold in January and/or March has increased.
  • The National Treasury will hold an auction of inflation-linked bonds today.
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  • South African Reserve Bank's (SARB's) David Fowkes played down the impact of the rand's sharp depreciation observed since early November on inflation and said that it was not a source of concern for the central bank. Fowkes made these remarks during a closed-door meeting with investors and they were reported by Bloomberg via their sources. The official added that the SARB still sees monetary policy settings as restrictive despite cutting interest rates by 50bp in this cycle.
  • The Bureau for Economic Research (BER) said that "traders have now adjusted their expectations to just one 25bps cut by the SA Reserve Bank (SARB) this year (from three expected earlier)" on the back of Fed repricing. They believe that "there still is a window for the bank to move the policy stance closer to neutral in January and, for now, think that they could cut again in March," even as the risk that the central bank keeps the repo rate on hold in January and/or March has increased.
  • The National Treasury will hold an auction of inflation-linked bonds today.