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16 August 2017

SA retail sales and Fed minutes in focus

Moody’s released its regular credit opinion on South Africa in which it points out deep and well-developed domestic financial markets and a well-capitalized banking sector, sound macroeconomic framework, and low share of foreign-currency debt in total public debt as credit positive factors. As we wrote yesterday, the gradual erosion of the institutional framework, low growth, high unemployment, and the accumulation of public debt and government contingent liabilities were cited as credit negative factors. The agency’s economic growth...

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