Banks sued for selling repossessed homes for R1,000, and Eskom’s days are numbered

The rand fell to a one-month low on Monday, trading at 18.07 against the dollar, down about 0.4% from Friday. 

This decline was influenced by volatile crude oil prices and risk-off sentiment after U.S. military actions against Iran. 

Concerns over potential Iranian retaliation, including the closure of the Strait of Hormuz, which carries about a fifth of global crude supply, are causing market uncertainty. 

Analysts predict continued volatility in oil prices as traders await Iran’s response.

They also noted that the rand’s weakness, combined with rising oil prices, could adversely affect South Africa’s inflation outlook. 

Additionally, potential U.S. interest rate cuts may add pressure to the local currency.

On Tuessday, 24 June, the rand was trading at R17.78 to the dollar, R24.11 to the pound and R20.64 to the euro. Oil was trading slightly lower at $69.68. a barrel.

Here are five other important things happening in and affecting South Africa today:

Banks sued for selling homes: Former homeowners are set to go to court in February 2026 for a R60 billion class action suit over homes allegedly unlawfully repossessed by banks. The properties were sold for as little as R1,000 before new rules required reserve prices in 2017. The claim accounts for over 100,000 repossessions since 1994. [BusinessTech]

Eskom days numbered: Eskom is facing a financial crisis due to unsustainable debt and declining sales. Sharp increases in electricity tariffs have driven many households and businesses to seek alternative energy sources, creating a downward spiral where rising prices is leading to further declines in sales. [Daily Investor]

South Africa taking out more debt: The government is in talks with the French Development Bank (AFD) for a €300 million concessional loan and is also negotiating a loan from the New Development Bank (BRICS), in addition to the $1.5 billion (R27 billion) development policy loan signed with the World Bank. [Business Day]

R328 million win for South African consumers: The National Financial Ombud Scheme South Africa (NFO) has returned R328.5 million to dissatisfied consumers in its first year. Common complaints included denied claims, fraud, and charges for value-added services (VAS) like airtime and insurance add-ons. [Mail & Guardian]

Import tax hurting Shein and Temu: Import tax changes are impacting platforms like Shein and Temu in South Africa. The CEOs of TFG and Mr Price have reported that higher prices on these platforms have sparked social media backlash, suggesting the new legislation is effective. They added that e-commerce sales at their companies are growing, which is another sign. [MyBroadband]