U.S. oil refiners hunting to replace crude lost after a storm hit the U.S. Gulf of Mexico last month have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders said.
JOHANNESBURG--The South African Reserve Bank on Thursday kept its main repo rate at a record-low 3.5%, and said high commodity prices are helping Africa's most developed economy bounce back from the pandemic-induced recession faster than expected. Governor Lesetja Kganyago said the bank's monetary policy committee now expects gross domestic product to grow 5.3% this year, up from a 4.2% expansion predicted at the last meeting in July. However, he warned that much of the...
* 2021 growth revised higher to 5.3% * But recovery mostly in past, SARB says. * Inflation seen staying close to midpoint. By Alexander Winning. South Africa's central bank kept its main lending rate unchanged at 3.5% on Thursday, as expected, saying an economic bounceback from the COVID-19 pandemic was mostly in the past.
Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago on Thursday as he announced the central bank's decision to keep its benchmark repo rate at 3.5%. INFLATION. "Headline consumer price inflation for 2021 is revised slightly higher to 4.4%, and remains unchanged at 4.2% in 2022 and 4.5% in 2023."
South Africa's central bank kept its main lending rate unchanged at 3.5% on Thursday in a unanimous decision. The decision was in line with economists' forecasts in a Reuters poll published last week.
* Turkey cuts interest rate to 18% from 19% * Evergrande jumps 18%, onshore bond coupon payment "resolved" * HK Shares rise 1%, EM stock index extends gains to day three. * S.African cenbank seen holding rates. By Susan Mathew.
Kenya's shilling and Zambia's kwacha are expected to weaken against the dollar in the next week to Thursday, traders said. KENYA. Kenya's shilling is expected to remain on the backfoot next week, as strong demand for dollars across sectors at the end of the month is likely to outweigh inflows, traders said.
* Evergrande jumps 16%, onshore bond coupon payment "resolved" * HK Shares rise 1%, EM stock index extends gains to day three. * Turkey, S.African cenbanks seen holding rates. * Brazil cenbank signals another 100bps hike. By Susan Mathew.
JOHANNESBURG--South Africa's annual consumer price inflation inched up to 4.9% in August from 4.6% in July, Statistics South Africa said Wednesday. The reading marks the fourth consecutive month where the print is higher than the midpoint of the central bank's target range of between 3% and 6% annual inflation. The increase was largely driven by fuel prices, which recorded all-time highs in August, up nearly 20% from a year earlier.
Nigeria's central bank kept its benchmark interest rate unchanged at 11.5% on Friday, its governor said, adding that the bank would seek to flush out illegal dealers in the foreign exchange market. The Nigerian naira has been hitting new lows on the unofficial market following central bank actions to channel demand for dollars towards official platforms.
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