Quarterly Report | Q3 ’23
Introduction
The beginning of the third quarter saw the South African Reserve Bank (SARB) pause interest rate hikes, as inflation continued to fall. The SARB stated that the pause does not indicate the end of the hiking cycle. The South African economy benefitted from lower loadshedding levels during the past month, lowering concerns around energy supply. During this quarter, the geopolitical backdrop for South Africa improved as the BRICS summit took place during August, with Russian President Vladimir Putin. During September, global markets expressed concerns regarding the fiscal outlook of South Africa. A fiscal revenue shortfall of around R3080 billion is expected. This shortfall will need to be addressed through government spending cuts, higher taxes, or increased issuance. Another significant factor contributing to the shortfall is declining revenue collection.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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