Eskom bailout, Kganyago sounds hawkish, CBN on hold

This week’s Eskom rescue package didn’t go far enough to meaningfully address the firm’s problems, but was expensive enough to increase the risk of a sovereign debt downgrade in November. SARB Governor Lesetja Kganyago gave a very hawkish speech this week, but we still expect one more rate cut in September. Elsewhere, policymakers in Nigeria and Kenya kept rates on hold this week.

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