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SOUTH AFRICA: Dep FinMin Says Talks On SARB Inflation Target Are Still Ongoing

SOUTH AFRICA
  • Deputy Finance Minister David Masondo said that the ongoing review of the central bank's inflation target will be based on the principle of preserving price stability. The official said that "the jury is not yet out there on where we should be. There's still a conversation." The SARB currently works with an inflation target range of +3.0%-6.0% Y/Y but has informally preferred focusing on the +4.5% mid-point. Meanwhile, Governor Lesetja Kganyago repeatedly said that it would be better to have a lower point-target of +3.0% Y/Y.
  • Justice Minister Thembi Simelane denied reports suggesting that President Cyril Ramaphosa quizzed her about a controversial loan before appointing her to the cabinet in 2021. Meanwhile, pressure is piling on Ramaphosa to sack the embattled minister.
  • Trade union federation COSATU called on all non-essential workers to participate in a nationwide strike today against the "crippling economic crisis" in the country.
  • The African National Congress (ANC) is reportedly in talks with Freedom Front Plus (FF+) ahead of this week's mayoral election in Tshwane, while the Democratic Alliance (DA) pledged it will try to reinstate Cilliers Brink.
  • The SARB's net reserves rose to $61.03bn in September from $60.14bn prior versus $60.78bn expected. Gold reserves went up to $63.63bn from $63.21bn.
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