South Africa and Nigeria rate meetings, Angola’s large cut

South Africa’s central bank is likely to hike rates again next week, but with inflation stabilising and underlying pressures relatively soft, we think this will be the last in the cycle. Nigeria, meanwhile, is a beneficiary of higher oil prices and will probably keep rates on hold. Angola bucked the regional monetary trend by cutting interest rates this week, but we are concerned that a lack of fiscal discipline and the possibility of renewed declines in oil prices could eventually bring about a disorderly devaluation of the kwanza and force rate hikes.