The rand is paying the price for South Africa’s woes, with the R20/$ level now firmly in sight.
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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.
South Africa’s electricity crisis is costing the economy as much as R899-million/day, according to central bank estimates.
The South African Reserve Bank has taken a step closer to creating a national digital currency. This is after it took the wraps last week off the second phase of Project Khokha.
South Africa used a revenue windfall to cut corporate taxes to revive a coronavirus-ravaged economy and set more ambitious targets to reduce debt and fiscal deficits.
The South African Reserve Bank raised its main lending rate by 25 basis points to 3.75% on Thursday, citing increased inflation risks.
Slow reforms and the return of rolling power cuts in South Africa could threaten the recovery of an economy that probably bottomed in the second quarter.
The South African Reserve Bank has cut the repo rate by a 100 basis points – the second time it has done so in less than a month as worries mount over the impact of Covid-19 on economic growth.