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South Africa central bank hits back against Public Protector

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South Africa’s central bank said on Tuesday a recommendation by the Public Protector to change the constitution to promote growth was unlawful and would hit the regulator’s independence by stripping it of its key aim to protect the currency. “The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector ...

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S.A: Eskom Chairman Ben Ngubane resigns

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Dr Ben Ngubane has resigned with immediate effect as Non-Executive Director and Chairperson of the Board of Eskom. “Dr Ngubane formally tendered his resignation, which I accepted,” Minister of Public Enterprises, Lynne Brown, said. “I would like to thank Dr Ngubane for his contribution to turning Eskom around since the load shedding days of 2014/15, and wish him well in ...

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Moody’s downgrades the five largest South African banks to Baa3; outlook negative

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Moody’s Investors Service, (“Moody’s”) has today downgraded to Baa3 (negative outlook) from Baa2 (Rating Under Review outlook), the long-term local- and foreign-currency deposit ratings of the five largest South African banks: The Standard Bank of South Africa Limited, FirstRand Bank Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd.. The rating agency has also downgraded Standard Bank Group Limited’s ...

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IMF may grant Zambia $1.3 billion funding package

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The International Monetary Fund (IMF) may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent, the lender’s mission chief said on Saturday. A decision will be made by the IMF board in August, Tsidi Tsikata told a joint news conference with the Zambian finance ministry, which pledged to ...

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South Africa’s central bank wary of cutting rates: Kahn

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South Africa’s central bank is wary of cutting interest rates to support economic growth until it is convinced an improved inflation outlook can be sustained, monetary policy committee member Brian Kahn said on Thursday. “We would not want to reduce rates and then be forced into a premature reversal of policy,” Kahn said in a speech at an investor conference. ...

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Fitch sees South Africa missing revenue forecasts

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South Africa is likely to miss revenue forecasts set out in a February budget while weakness in running of state-owned companies will be a risk to fiscal deficit targets, Fitch director Jan Friederich said on Thursday. Friederich said business confidence had been dented by political infighting within the ruling African National Congress ahead of a party conference in December when ...

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South Africa: Markets see cutting rates to boost growth

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South African bonds priced in a higher likelihood of a 50 basis point rate cut by the central bank sooner than anticipated after the economy unexpectedly slipped into recession and raised the risk of further credit downgrades. Forward rate markets on Wednesday were pricing in a nearly 30 percent chance of a 50 basis point interest rate cut at the ...

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S.Africa’s Eskom to seek 20 pct electricity tariff increase: report

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South Africa’s cash-strapped utility Eskom will seek power price increases of nearly 20 percent when it approaches the electricity regulator at end of the month, the BusinessDay newspaper reported on Tuesday citing confidential documents. Eskom, the sole power supplier to Africa’s most developed economy, was granted a 2.2 percent tariff increase by the National Energy Regulator for the 2017/18 financial ...

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South African recession puts fiscal targets at risk: Treasury

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South Africa’s negative economic growth is a risk to fiscal targets and puts pressure on the government to intensify growth programmes as a matter of urgency, the Treasury said on Tuesday. South Africa entered recession for the first time in eight years, led by weak manufacturing and trade, data from Statistics South Africa showed. “This worse-than-expected GDP outcome introduces significant ...

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