Zambia slipping into crisis, SARB holds back

Zambia’s debt worries escalated this week, and it’s increasingly difficult to see how the country can avoid a full-blown crisis. Elsewhere, yesterday’s MPC vote in South Africa was closer than we’d expected, but we still think that the SARB will keep rates on hold over the coming six months. We expect that policymakers in  Ghana and Angola will cut rates next week, while their counterparts in Nigeria and Kenya will keep policy on hold.