RMB - Corporate & Investment Banking

#Ghana: Despite rising #inflation and global uncertainty, we see scope for limited further easing, given the gap between inflation and the policy rate. #ThinkAfrica

#Nigeria: We anticipate that #HeadlineInflation will remain northbound, rising to 15.7% y/y in April from 15.4% in March, driven by cost pressures linked to the ongoing #MiddleEast conflict. #ThinkAfrica

We expect the #rand to remain under pressure in the near term, likely trading within a range between 16.50 and 16.65. (2/2) #Markets

#USD/#ZAR has pushed back above 16.50 overnight, and with markets continuing to price in a prolonged higher-for-longer #US rates environment alongside persistent #oil-driven #inflation risks. (1/2) #Markets

On a monthly basis, however, seasonally adjusted output #declined 5.1% m/m, partially unwinding gains from earlier in the quarter. (2/2) #Markets

#SouthAfrica's #mining production rose 2.5% y/y in March, lifted by strong gains in #PGMs (+10.5%), #gold (+17.1%) and #manganese ore (+14.4%), though #coal was a notable drag, falling 9.6%. (1/2) #Markets

🇺🇸/ZAR at 16.55⬆️ 🇪🇺/ZAR at 19.29⬆️ 🇬🇧/ZAR at 22.14⬇️ 🇨🇳/ZAR at 2.44⬆️ 🛢️Oil at USD107.02⬆️ #Markets

#Uganda: We expect the @BOU_Official to maintain a cautious stance and keep the policy rate unchanged at 9.75% at its upcoming meeting. #ThinkAfrfica

Despite the strong #disinflation trend seen in #Angola and revenue support from elevated #oil prices, we expect the @AngolaBanco to remain cautious and keep the policy rate unchanged at 17.50%. #ThinkAfrfica

#Zambia: The #MPC cut the Monetary Policy Rate by 25bp to 13.25% at its 11-12 May meeting, citing a sharp #disinflation trend, a favourable expected maize harvest and relative exchange-rate stability. #ThinkAfrica

Following an overnight corrective shift below the 16.50 psychological threshold, #USD/#ZAR is now negotiating a move below the technical #Fibonacci projection support of 16.37 this morning. #Markets

March #mining production data is on deck. The February print was notably strong, with output surging 9.7% y/y, a sharp acceleration from the 5.0% recorded in January, while seasonally adjusted output rose 2.3% m/m, extending the 3.7% gain prior. #Markets

🇺🇸/ZAR at 16.41⬇️ 🇪🇺/ZAR at 19.23⬇️ 🇬🇧/ZAR at 22.21⬇️ 🇨🇳/ZAR at 2.42⬇️ 🛢️Oil at USD106.06⬇️ #Markets

#Namibia: #Inflation climbed to 3.1% y/y in April, up from 2.1% in March, well above the 2.3% we pencilled in. #ThinkAfrica

#Zambia: #HeadlineInflation eased to an eight‑year low of 6.8% y/y in April, down from 7.1% in March. #ThinkAfrica

The #labour market deteriorated sharply at the start of 2026. Total employment fell by 344,626 q/q to 16.75 million, erasing the modest 44,085 gain recorded in 4Q25. #Markets

#SouthAfrica’s #manufacturing output rose 0.9% y/y in March, snapping a four-month streak of annual declines, driven mainly by food and beverages as well as petroleum and chemicals. #Markets

🇺🇸/ZAR at 16.50⬆️ 🇪🇺/ZAR at 19.36⬆️ 🇬🇧/ZAR at 22.32⬇️ 🇨🇳/ZAR at 2.43⬆️ 🛢️Oil at USD106.45⬆️ #Markets

We expect #inflation in #Namibia to tick higher in April to 2.3% y/y from 2.1% in March, partly due to the adjustments in #fuel pump prices. #ThinkAfrica

#USD/#ZAR traded in a holding pattern around 16.45 yesterday, with overhead resistance at 16.50 proving a resilient barrier, curtailing any upward drift. #Markets