The Reserve Bank is widely expected to hike rates by at least 50bp today; Ramaphosa calls for more to be done to push transformation in South Africa; the ANC is again unable to pay its staff; and the World Health Organisation to consider declaring monkeypox a global emergency.
With inflation at 13-year highs, South Africans face added pressure from the Reserve Bank’s rate hike announcement due later on Thursday. There is a wide consensus that the central bank will definitely hike rates, with the majority of economists anticipating a 50 basis point hike. However, with inflation numbers surprising on the upside at 7.4% in June, this has opened the door for debate around an even higher hike of 75bp. The announcement will be made at 15h00.
[The ANC is once again drawing the ire of its employees, with salaries for June going unpaid. The political party has suffered intermittent protest and go-slow action from employees over the last four years as it continually struggles to pay its workers. The party will be hosting its policy conference next month but is now facing pressure from unpaid workers to postpone it. The ANC said the conference would not be delayed, and it would seek donations to pay staff salaries.
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