The rand weakened in early trade on Thursday, nearing the R19.50/$ mark – close to a record low.
Browsing: Lesetja Kganyago
Unplanned outages at Eskom’s generating fleet fell to less than 16GW in the past two months, President Cyril Ramaphosa said.
The Reserve Bank decided to halt interest rate hikes on Thursday for the first time since November 2021.
Inflation has fallen below the Reserve Bank’s target ceiling for the first time in 14 months.
The crisis may have reduced the nation’s economic growth rate by as much as 3.2 percentage points last year.
The Reserve Bank will keep monetary policy tight for longer to tame persistent inflation, governor Lesetja Kganyago said.
The rand is paying the price for South Africa’s woes, with the R20/$ level now firmly in sight.
The South African Reserve Bank has raised its repo rate by 50 basis points to 8.25% on continued inflation worries.
By as soon as Wednesday evening, the amount of electricity that Eskom has failed to provide will be greater than the power it couldn’t provide in the whole of 2022.
South Africa has had 100 consecutive days of rolling blackouts, the longest stretch yet, with more to come as its electricity crisis deepens.