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Content ID: PR_WCS01_UCM01049193

Flash Notes

Monthly Macro Overview: Africa April 2017

Monthly Macro Overview: Africa April 2017

Economic data points towards a recovery in 2017, namely oil production and imports from Portugal.
Annual inflation is decelerating, having dropped for the third consecutive month.
Net international dropped to their lowest level since April 2011, at USD 19.2 billion.

Bank of Mozambique established the newly created MIMO rate at 21.75%.
The marginal lending facility rate was lowered by 50 b.p.
Inflation rate increased only slightly in February.
Government defaulted on Proindicus loan.
S&P revised sovereign rating to SD.

South Africa
The inflation rate decreased for the 2nd straight month in February.
SARB decided to keep the repo rate unchanged at 7.0%.
Central Bank improved the outlook for the inflation rate.
Investors and rating agencies are concerned about political turmoil.