Events that move the market Q1 – 2023

The Institute of Risk Management South Africa says the risk community needs to develop clear plans should such an event occur.

Three members of the Monetary Policy Committee voted in favour of the 50-basis point hike, while two voted for a 25-basis point increase. The hike brings the prime rate to 11.25% ‒ the highest level since 2009.

The Competition Commission says consumers were subjected to ‘unjustified increases’ over the past two years with food prices having increased at the fastest pace in almost 14 years.

South Africa is a signatory to the Rome Statute and may be obliged to execute the arrest order in the event Putin attends the BRICS summit set to take place in South Africa in August.

The US Federal Reserve announces another 25-basis point interest rate hike, taking the benchmark rate to its highest level since 2007.

In an unscheduled announcement, the US credit rating agency cautions that South Africa's economic growth is facing increasing pressure from severe electricity shortages.

Global financial crime watchdog the Financial Action Task Force grey-lists South Africa and Nigeria denoting shortcomings in tackling illicit financial flows.

President Ramaphosa also declares a national state of disaster to deal with the electricity crisis.

This follows four hikes in 2022, which brought eurozone rates out of negative territory for the first time since 2014.

The central bank’s Monetary Policy Committee voted 7-2 in favour of a second consecutive half-point rate hike, taking the main bank rate to 4%.

Customers will be able to pay for items using cryptocurrency and accepting the South African rand’s conversion rate at the time of payment.

South Africa decides to go ahead with naval exercises off its eastern coast with Russian and Chinese warships in a decision that could further strain its relationship with some of its biggest trading partners.

The President is convening a meeting the national energy crisis committee and the board of Eskom.

South Africa has taken over the BRICS chairmanship from China and will host the group’s annual summit this year — with President Cyril Ramaphosa promising that more African countries will be invited to attend.

Minister of Communications and Digital Technologies, Khumbudzo Ntshavheni, says there are plans underway to roll out 100 new branches.

The change will be in line with a resolution adopted by the ANC at its national conference in December.