RMB - Corporate & Investment Banking

#Zambia: The #fuel price cut and recent currency weakness are expected to offset each other in the near term—bringing inflation down to 7.0% y/y in March from 7.5% in February— we expect inflationary pressures to build again in the coming months. #ThinkAfrica

.@Treasury_RSA will auction ZAR1bn of the I2033, I2043 and I2050 #InflationLinkedBonds today. #Markets

#USD/#ZAR is trading around 16.75 after breaching 17.00 yesterday. #Markets

🇺🇸/ZAR at 16.78⬇️ 🇪🇺/ZAR at 19.40⬇️ 🇬🇧/ZAR at 22.50⬇️ 🇨🇳/ZAR at 2.43⬇️ 🛢️Oil at USD106.68⬇️ #Markets

#African sovereign borrowers are expected to raise approximately USD155bn from commercial markets in 2026 to refinance debt and fund fiscal gaps, up from around USD140bn in 2025, according to @SPGlobalRatings. #ThinkAfrica

#SouthAfrica’s #headline #CPI eased to 3.0% y/y (0.4% m/m) in February from 3.5% in January, coming in slightly below expectations and reflecting continued fuel-led disinflation alongside a clear moderation in underlying price pressures. #Markets

Prospective upside risks for the dollar also pose a headwind for the rand, with #USD/#ZAR breaking above the previous resistance at 16.90 and briefly testing 17.00 overnight. #Markets

#Oil prices touched USD112/bbl this morning. #Markets

🇺🇸/ZAR at 16.96⬆️ 🇪🇺/ZAR at 19.45⬆️ 🇬🇧/ZAR at 22.51⬆️ 🇨🇳/ZAR at 2.46⬆️ 🛢️Oil at USD111.97⬆️ #Markets

#Ghana: At the Monetary Policy Committee (#MPC) meeting scheduled for today, we initially projected a further 100bp cut in the policy rate, which would take the policy rate to 14.50%, given the sharp fall in inflation. #ThinkAfrica

While #USD/#ZAR remains anchored below recent cyclical peaks above 16.90, sliding to lows around 16.60 overnight, the unit importantly remained above its 100-day moving average of 16.59 this morning. #Markets

#SouthAfrica: We look for headline #CPI to decelerate to 3.1% y/y (0.5% m/m) from 3.5% (0.2%), with core easing to 2.9% y/y (0.9% m/m) from 3.4% (0.3%). #Markets

According to @StatsSA e-commerce in #SouthAfrica has expanded rapidly in recent years, with #BlackFriday becoming a major driver of online shopping activity. #Markets

🇺🇸/ZAR at 16.65⬇️ 🇪🇺/ZAR at 19.22⬆️ 🇬🇧/ZAR at 22.25⬆️ 🇨🇳/ZAR at 2.42⬇️ 🛢️Oil at USD101.16⬇️ #Markets

According to the @StatisticsUg release, economic activity strengthened notably in the second quarter of FY25/26 (4Q25). #ThinkAfrica

#Angola: @AzuleEnergy has started supplying #gas from the offshore Quiluma field, marking the first production under the New Gas Consortium project, which aims to boost domestic energy supply and support #LNG exports. #ThinkAfrica

According to the @NBS_Nigeria (#NBS), #Nigeria’s #HeadlineInflation rate remained steady in February at 15.1% y/y, higher than our expectation of a moderation to 14.2%. #ThinkAfrica

.@Treasury_RSA is set to discuss possible reforms to the two-pot retirement system, including limited access to the currently “locked” retirement pot under strict conditions. #Markets

.@Eskom will implement an 8.76% tariff increase for customers supplied directly from 1 April 2026, while municipal bulk buyers will see tariffs rise by an average of 9.01% from 1 July, as approved by @NERSA_ZA. #Markets

The recovery is uneven and increasingly shaped by affordability and value. (2/2) #Markets

.@TransUnion #SouthAfrica’s Fourth Quarter 2025 Mobility Insights Report noted that the new-vehicle market surged in 2025, with passenger-car sales climbing to their highest level in more than a decade at 20.1%. (1/2) #Markets