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SOUTH AFRICA: SARB Governor Speaks, Eskom Performance Sparks Optimism

SOUTH AFRICA
  • South African Reserve Bank (SARB) Governor Lesetja Kganyago will deliver a lecture at the University of Free State in Bloemfontein at 17:00BST/18:00SAST. Market participants look for hints whether the SARB could cut interest rates as soon as next month. South Africa's central bank will announce its next monetary policy decision the day after the FOMC wraps up its meeting in the US, which may influence the outcome.
  • TimesLive reports that if Eskom continues to reduce its use of diesel, this could lead to lower electricity tariff increases. The newspaper notes that "Eskom spent about ZAR100mn a day burning diesel to generate electricity earlier this year, but has been spending an average of ZAR7.9mn per day in the last three weeks." A decrease in diesel use comes alongside a long reprieve from loadshedding, even as the nuclear Koeberg Unit 2 remains offline for maintenance.
  • Trade, Industry, and Competition Minister Parks Tau said that the government sees potential for a GDP growth rate of +3-5% Y/Y by 2030 should South Africa manage to deal with electricity supply disruptions. The official added that "there is growing confidence that we will be able to call an official end to loadshedding in the near future."
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