South Africa’s consumer inflation increased for the second time in a row in February, inching closer to the Central Bank’s upper target. Economists in the country stated this could imply longer waits for rate cuts.
On 19 October 2022, the Financial Sector Conduct Authority, South Africa's financial institutions regulator, declared that crypto assets are now included under the definition of 'financial products' in terms of the Financial Advisory and Intermediary Services Act. The effect of the Declaration is that any person who provides advice or renders intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider, and must comply with the requirements of the FAIS Act.
After two consecutive quarters of positive growth, real gross domestic product (GDP) in South Africa decreased 0.7 percent in the second quarter (Q2) of the year to 1.142 trillion South African Rand (about 66.1 billion U.S. dollars), in comparison with 1.151 trillion Rand in Q1, according to the data released by the Statistics South Africa (STATSSA) on its website Tuesday.
South Africa’s annual consumer inflation reached its highest level in 13 years, increasing to 7.8% in July from 7.4% in June, which is the third consecutive month as underlying price pressure increased.
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