South Africa shifts to FDI outflows in third quarter, central bank says
South African rand strengthens ahead of rate decision
10:05 CAT | 21 Sep 2023
File photo: Reuters
-South Africa’s rand strengthened in early trade on Thursday ahead of an interest rate decision by the central bank.
At 0733 GMT, the rand traded at 18.8250 against the dollar ZAR=D3, nearly 0.3% stronger than its previous close.
At around 1300 GMT, the South African Reserve Bank (SARB) will announce its interest rate decision and provide clues on the trajectory of future rates.
Most analysts polled by Reuters expect the SARB to keep the main rate unchanged at 8.25%.
On the stock market, the Top-40 .JTOPI index was last down 1.8% while the broader all-share .JALSH index was 1.7% weaker.
South Africa’s benchmark 2030 government bond ZAR2030= was weaker in early deals, with the yield up 3.5 basis points to 10.490%.
Source: Reuters
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