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Wealth Index Report Shows Households R1.23 Trillion Poorer

SOUTH AFRICA
  • IoL report that Public Protector Busisiwe Mkhwebane’s legal team signalled on Wednesday that it would take whatever legal steps necessary to get President Ramaphosa to appear before the impeachment inquiry as part of the ongoing inquiry into the suspension of Mkhwebane. It was reported on Tuesday that the Section 194 Committee declined a request to subpoena Ramaphosa after he refused Mkhwebane's request to appear voluntarily.
  • Citing the latest Momentum-Unisa Household Wealth Index report, which tracks the wealth of households based on subtracting the value of their outstanding debt from the value of their assets, News24 report that South African households were collectively R1.23 trillion poorer in the three months to the end of June compared to the same period in 2021.
  • Bloomberg report that the BankservAfrica Economic Transactions Index, which tracks interbank payments, dropped to 134.5 from a revised 136.4 in June. That signals further strain in the broader South African economy, the company said in a statement.
  • South Africa’s central bank governor Lesetja Kganyago has said the fallout from falling into a global ‘grey-list’ of countries that aren’t doing enough to stop the flow of dirty money would be “massive” and has urged authorities to take the necessary measures to prevent this from happening, Bloomberg report.
  • BusinessLive report that whilst South Africans are set for some relief in September with a fuel price reduction on the cards due to a stronger rand and lower oil prices, civil action organiser Outa have expressed concerns that the government might not pass the savings to motorists, and instead use it to fund freeways.
  • There are no major data releases scheduled today.
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