UPDATE 1-South African rand weak as SARB lifts repo rate again [Reuters]
D/B/A Sibanye-Stillwater Limited ADS (SBSW)
Company Research
Source: Reuters
At 1609 GMT, the rand traded at 17.0150 against the dollar, 0.29% weaker than its previous close. The move to 7%, which was forecast by a majority of economists polled by Reuters, came after Wednesday's data showed annual consumer inflation rose to 7.6% in October from 7.5% in September, a first rise after two consecutive declines. The South African Reserve Bank has now raised rates seven times in a row, lifting its repo rate by 350 bps since November 2021. The Monetary Policy Committee (MPC) also cut its economic growth forecast for 2022 to 1.8%, from 1.9% previously. It forecast growth of 0.4% in the third quarter and 0.1% in the final quarter, which the governor said was due to “record load shedding”. “Heading into the meeting, the market's pricing was split between a 50 bp and a 75 bp outcome, so the reaction from the rand and rates was minimal following the announcement,” Carmen Nel, Economist and Macro Strategist at Matrix Fund Managers said. “The rand was also unaffe
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SBSW
Sec Filings
- 3/27/24 - Form 6-K
- 3/20/24 - Form 6-K
- 3/20/24 - Form 6-K
- SBSW's page on the SEC website