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SOUTH AFRICA: SARB Governor Kganyago Calls For Lower Inflation Target

SOUTH AFRICA
EM BulletBulletGlobalEmerging Market NewsRegion
  • SARB Governor Lesetja Kganyago reiterated his view that South Africa's inflation target of +3%-6% Y/Y should be scrapped and replaced with a lower target. The official said that "we have an opportunity to achieve permanently lower inflation and therefore permanently lower interest rates" and argued that ~"a lower target could be achieved at little cost." Earlier this year, it was revealed that the SARB is working with the National Treasury on revising the inflation target.
  • TimesLIVE reported that the "clearing house" of the government of national unity (GNU), a mechanism designed to solve internal disputes, decided to delay a discussion on the controversial Basic Education Law Amendment (BELA) Bill until October 30. The clearing house will also discuss South Africa's preparedness for hosting the G20 summit in 2025.
  • President Cyril Ramaphosa told the National Assembly that he is still considering ending all diplomatic ties with Israel and will take a decision in due course. South Africa's parliament passed a resolution to that effect last year, while the opposition Economic Freedom Fighters (EFF) have been putting pressure on the President to respond to lawmakers' call.
  • Taiwanese media reported that that bilateral relations with South Africa may sour and the self-governed island may take countermeasures if the South African government forces it to move its office out of Pretoria. The Daily Maverick reported that South Africa's Department of International Relations and Cooperation (DIRCO) told Taiwan to do it by the end of October.
  • The National Treasury holds a linkers auction today.
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  • SARB Governor Lesetja Kganyago reiterated his view that South Africa's inflation target of +3%-6% Y/Y should be scrapped and replaced with a lower target. The official said that "we have an opportunity to achieve permanently lower inflation and therefore permanently lower interest rates" and argued that ~"a lower target could be achieved at little cost." Earlier this year, it was revealed that the SARB is working with the National Treasury on revising the inflation target.
  • TimesLIVE reported that the "clearing house" of the government of national unity (GNU), a mechanism designed to solve internal disputes, decided to delay a discussion on the controversial Basic Education Law Amendment (BELA) Bill until October 30. The clearing house will also discuss South Africa's preparedness for hosting the G20 summit in 2025.
  • President Cyril Ramaphosa told the National Assembly that he is still considering ending all diplomatic ties with Israel and will take a decision in due course. South Africa's parliament passed a resolution to that effect last year, while the opposition Economic Freedom Fighters (EFF) have been putting pressure on the President to respond to lawmakers' call.
  • Taiwanese media reported that that bilateral relations with South Africa may sour and the self-governed island may take countermeasures if the South African government forces it to move its office out of Pretoria. The Daily Maverick reported that South Africa's Department of International Relations and Cooperation (DIRCO) told Taiwan to do it by the end of October.
  • The National Treasury holds a linkers auction today.