Generation
New electricity disaster looming in South Africa, and good news for Cape Town homeowners
South Africa’s rand, government bonds, and stocks all strengthened on Thursday after the South African Reserve Bank (SARB) lowered its main lending rate, citing well-controlled inflation.
The rand traded at 17.81 against the dollar, approximately 1% stronger than its closing level on Wednesday and hovering around a five-month high.
An analyst from TreasuryONE said that this ‘softer’ stance boosted confidence, helping the rand strengthen and causing government bond yields to fall.
However, despite the positive developments, policymakers have stressed risks from US President Donald Trump’s trade war and domestic politics remain.
On Friday, 30 May, the rand was trading at R17.84 to the dollar, R24.04 to the pound and R20.19 to the euro. Oil was trading slightly lower at $65.77 a barrel.
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