Weakness in SA, Kwanza finds its feet, Kenya rate cap cut

This week’s South African activity data added to the evidence that the economy faltered in Q3. We’ll know more when retail and mining figures are published next week, but there is an underappreciated risk that the economy contracted again. Kenyan policymakers finally dropped their self-defeating lending rate cap this week, whereas their Angolan peers seem to have walked back plans to fully liberalise the FX market.