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🌏 South Africa's current account surplus didn't survive the oil shock that Turkey shrugged off

🌏 South Africa's current account surplus didn't survive the oil shock that Turkey shrugged off

South Africa's current account flipped from a R181.6bn surplus to a R205.5bn deficit in a single quarter as oil import costs jumped 82.1%, a sharper reversal than Turkey, Mexico or Brazil have faced from the same energy shock.

Line chart of CBRT policy rate, CPI, WACoF and 12-month expected CPI from Sep 2023 to Sep 2026.
The CBRT’s fifth consecutive hold at 37% keeps real rates deeply positive after January’s cut from 38%, as the committee flags cooling underlying inflation but energy-price upside risk. Source

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