Home Affairs Minister slams major banking CEO, and two new online stores coming to South Africa

The rand reversed weeks of underperformance against the dollar on Tuesday due to geopolitical tensions in the Middle East. 

This follows a fragile ceasefire between Israel and Iran that boosted interest in emerging market investments. 

The risk-sensitive local currency gained strength after hitting a one-month low on Monday, as market uncertainty surrounding the Middle East conflict persisted. 

The rand was trading at 17.76 against the dollar, marking an increase of approximately 0.8% from Monday’s close and recovering some of its earlier losses.

On Wednesday, 25 June, the rand was trading at R17.74 to the dollar, R24.16 to the pound and R20.61 to the euro. Oil was trading slightly lower at $67.94 a barrel.

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

Schreiber claps back at TymeBank CEO: Home Affairs Minister Leon Schreiber criticised TymeBank CEO Coenraad Jonker on social media for prioritising profits after he opposed the proposed fee increase for identity verification checks from 15 cents to R10. Jonker warned this could hinder the bank’s ability to offer real-time, no-fee account openings. [News24]

Two new online stores: The Minister of Trade, Industry, and Competition, Parks Tau, will launch two government e-commerce platforms, Shop Proudly SA and the Market Access Platform (MAP), on 1 July 2025, with the event hosted by Proudly SA. [BusinessTech]

SARS looking for its next weapon: The SA Revenue Service (SARS) is seeking advanced AI technology to boost efficiency in recovering R800 billion in uncollected taxes. In its request for information, SARS aims to acquire AI capabilities to automate complex decision-making processes across its operations. [Business Day]

Lights stay on for Johannesburg: Ramokgopa and Johannesburg Mayor Dada Morero announced a resolution to a dispute between City Power and Eskom that almost resulted in court action. Eskom threatened to cut power to four substations over a R4.9 billion billing debt. An agreement was reached for R3.2 billion to be paid over four years, along with additional tariff relief of R830 million. [Daily Maverick]

200 schools needed: The Gauteng education department is pursuing private funding to build 200 schools after receiving R2.5 billion from the national treasury for 18 schools in the 2025-26 financial year, according to MEC Matome Chiloane. [Mail & Guardian]