Marcus was the last Reserve Bank governor to surprise markets with an interest rates decision. It would be nice if Kganyago would do the same

[View in browser]( [Mail & Guardian]( M&G Mornings | Thu 25 May   [ron_derby] The last South African Reserve Bank governor to surprise markets with their interest rate decision was Gill Marcus 11 years ago. Citing lower inflation and risks to our economic growth, she cut interest rates instead of leaving them unchanged. The rand weakened that day in July as the shape of the economy weighed heavier than credibility in the eyes of investment bankers in London and New York. Her successor, Lesetja Kganyago, has been painted into a much tougher corner by an economy that hasn’t grown by leaps and bounds, a fiscus for the most part that has acted in an “austerity-like” manner because of rising debt levels and falling confidence because of never-ending tales of corruption. Under him, the monetary policy committee hasn’t had any room to surprise and for the most part has followed the US Federal Reserve, as have most emerging market economies. Those that haven’t, such as the central bank of Turkey, have lost all credibility in global markets and overseen a collapse of its currency that would make rand watchers blush. But wouldn’t it be nice to ignore norms and surprise the world again, as I close my eyes and cross my fingers. Here’s to another interest rate increase … Ron Derby | Editor-in-Chief [@Ronderby]( [CPI]( [Inflation eases to 11-month low]( The rand strengthened ahead of Wednesday’s inflation data, but it still held above R19 against the dollar [// Read more]( [African Mining Indaba 2023]( [Scopa to recall former Eskom boss André de Ruyter]( The parliamentary committee will also call Business Unity South Africa’s head to talk about the intelligence probe the former chief executive initiated [// Read more]( ['It’s not just a question of systems]( Premium [Court blow to Mchunu as Amatola Water board members win reinstatement case]( The water minister wants to extend Amatola’s coverage area to include the whole Eastern Cape This article is only available to subscribers. [View subscription options]( If you are already a subscriber, login here. [// Read more]( Recommended Reads Premium [ANC won’t sanction NDZ and Mkhize over Phala Phala defiance, ahead of 2024 vote]( The two leaders are seen as highly influential in KwaZulu-Natal, where the ruling party is bleeding votes This article is only available to subscribers. [View subscription options]( If you are already a subscriber, login here. [// Read more]( [Hammanskraal water crisis exposes years of neglect]( Hammanskraal is a place that has been overlooked for decades, especially when it comes to water and sanitation [// Read more]( Premium [Amajuba district municipality’s new-broom mayor has his own chequered past]( Misizwe Zulu’s company overcharged the Msunduzi municipality by R100 million for work it did not do This article is only available to subscribers. [View subscription options]( If you are already a subscriber, login here. [// Read more]( [Why cholera continues to threaten many African countries]( It persists because of poor sanitation and water supplies, worsening socioeconomic conditions and because governments don’t take its prevention and control seriously [// Read more]( [Thabo Bester escape: no reason for bail to be granted, says prosecutor]( Lawyers argued that the accused will not interfere with investigations and will not evade trial [// Read more]( Pic of the day [Pesticides3] A worker sprays a newly planted field of corn with Methomyl 90 SP insecticide to protect against an infestation of fall armyworms, also known as Spodoptera frugiperda. (Waldo Swiegers/Bloomberg via Getty Images [Share]( [Share]( [Tweet]( [Tweet]( [Forward]( [Forward]( This email was sent to {EMAIL} [why did I get this?]( [unsubscribe from this list]( [update subscription preferences]( Mail & Guardian Media LTD · 25 Owl St · Braamfontein · Johannesburg, Gauteng 2001 · South Africa