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SOUTH AFRICA: IMF Commends S. Africa's Plan To Lower Inflation Target

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • The International Monetary Fund (IMF) signalled support for South Africa's plans to revise the inflation target. According to the organisation, "shifting from the current target band to a lower point target at an appropriate time could help lower expectations and inflation," adding that "careful design and gradual implementation will be key to minimise potential near-term output costs." South African Reserve Bank (SARB) Governor Lesetja Kganyago last week said that the process of revising the target is close to the end but was unable to provide any specific timeline.
  • The Constitutional Court reserved judgement in a case brought by the Economic Freedom Fighters (EFF) and African Transformation Movement (ATM), who are seeking a court order to set aside the National Assembly's decision not to take action against President Cyril Ramaphosa over the Phala Phala scandal.
  • S&P Global upgraded Eskom's credit ratings outlook, while noting that "the stable outlook reflects our view that the group's creditworthiness will continue to benefit from explicit and timely support from the South African government."
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  • The International Monetary Fund (IMF) signalled support for South Africa's plans to revise the inflation target. According to the organisation, "shifting from the current target band to a lower point target at an appropriate time could help lower expectations and inflation," adding that "careful design and gradual implementation will be key to minimise potential near-term output costs." South African Reserve Bank (SARB) Governor Lesetja Kganyago last week said that the process of revising the target is close to the end but was unable to provide any specific timeline.
  • The Constitutional Court reserved judgement in a case brought by the Economic Freedom Fighters (EFF) and African Transformation Movement (ATM), who are seeking a court order to set aside the National Assembly's decision not to take action against President Cyril Ramaphosa over the Phala Phala scandal.
  • S&P Global upgraded Eskom's credit ratings outlook, while noting that "the stable outlook reflects our view that the group's creditworthiness will continue to benefit from explicit and timely support from the South African government."