South Africa's rand weakened early on Monday, as power utility Eskom extended scheduled electricity cuts, which are a major brake on economic growth and source of investor concern.
Eskom said in a statement it would implement "Stage 3" and "Stage 4" power cuts until Tuesday.Eleven of the 20 economists polled by Reutersthe South African Reserve Bank would raise rates by 50 basis points to 7.50% at its upcoming rate-setting announcement on Jan. 26.
Most economists saw no further rate hikes after this week, forecasting the end of a tightening cycle that began in November 2021.Reporting by Anait Miridzhanian; Editing by Toby Chopra
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