Quarterly Report | Q1 ’25
Introduction
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting. This expected cut was accompanied by a hawkish tone, as the SARB highlighted some of the risks that could impact its inflation outlook going into 2025. South Africa faced delays with regards to the 2025 budget, which was postponed to March 12th due to disagreements among government parties on the Government of National Unity (GNU) about proposed 2% VAT hike. Despite global market volatility, the South African stock market performed well during March, with the JSE All Share Index rising by 3.5%. One of the key local events was the delivery of a “compromise budget” which contained a 0.5% VAT hike by Finance Minister Enoch Godongwana.
Previous Reports
Quarterly Report | Q4 ’24
October marked the first month of negative performance since the formation of the Government of National Unity (GNU).
Quarterly Report | Q3 ’24
The beginning of the third quarter saw the national election resulting in more positive results than what was expected.
Monthly Report | July ’24
US financial conditions remain tight with increasing signs that growth may be slowing.
Quarterly Report | Q2 ’24
The South African Reserve Bank (SARB) is expected to follow suit with rate cuts as local inflation risks remain manageable.
Monthly Report | June ’24
US financial conditions remain tight with increasing signs that growth may be slowing.
Monthly Report | May ’24
US financial conditions remain tight with increasing signs that growth may be slowing.
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