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South Africa foreign and local currency ratings affirmed at 'BB' And 'BB+'; Outlook stable

28 May 2018

Ratings: Foreign Currency: BB/Stable/B Local Currency: BB+/Stable/B

Repo on hold for now, but higher interest rates expected by year-end already

25 May 2018

The risks to the inflation outlook have tilted to the upside since the central bank’s last Monetary Policy Committee (MPC) meeting in mid-March. In a statement following this week’s gathering of policymakers, South African Reserve Bank (SARB) Governor Lesetja Kganyago noted that the key drivers of elevated inflationary expectations were a slight weakening in the rand exchange rate (5% against the US dollar over the past two months) and increasing Brent crude oil prices, which recently broke through the psychological ceiling of $80 per barrel.

Is it the end of the interest rate cutting cycle

25 May 2018

The South African Reserve Bank Governor, Lesetja Kganyago, announced the view to keep interest rates unchanged at 6.5% and is aligned to market expectations. The outcome was anticipated due to the initial effects of the 1% VAT rate increase manifesting in the latest inflation figure, which rose to a four-month high from 3.8% in March to 4.5% in April.