5 important things happening in South Africa today
·23 Nov 2018
Here’s what is happening in and affecting South Africa today:
- While markets have welcomed the rate hike from the Reserve Bank, governor Lesetja Kganyago has hinted that more hikes are coming – even as early as the first quarter of next year. Kganyago said that the implied path of policy rates is for four rate hikes of 25 basis points, reaching 7.5% by the end of 2020. [IOL]
- The mini-cabinet reshuffle on Thursday is a sign of things to come, analysts say, with president Cyril Ramaphosa hinting that big changes will happen if the ANC wins the 2019 national elections. Earlier this year, Ramaphosa said that South Africa could no longer afford so many ministries. [EWN]
- Thousands of South African shoppers have taken to their local stores for Black Friday, as they look to take advantage of all the specials. Because of the huge traffic flows expected, security, police and even paramedics are on high alert. [eNCA]
- ANC chief whip Jackson Mthembu has hit back at the EFF for its continued attacks on Pravin Gordhan, calling them ‘Zuma tactics’. He said the matter won’t be taken lying down, though admitted that the ANC has been slow to speak out in the public enterprises minister’s defence. [EWN]
- South Africa’s rand rallied more than 1 percent on Thursday after the central bank raised benchmark lending rates for the first time in nearly three years in a close decision that underlined the bank’s hawkish stance. On Friday the rand was at R13.77 to the dollar, R17.73 to the pound and R15.71 to the dollar.
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