Zambia and Angola raised interest rates this week in response to high inflation, but Nigeria didn’t. Indeed, the scheduled CBN meeting for this week didn’t even take place. The Bank now has its work cut out to restore credibility. Meanwhile, official creditors rejected Zambia’s proposed debt relief deal with private bondholders, highlighting again that the more diverse array of lenders to Africa is a hurdle to such talks and that the Common Framework is ineffective. Finally, South African inflation jumped to a higher-than-expected 5.9% y/y in October, but the SARB’s meeting this week made clear that further tightening is no longer on the cards.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services