Driving licence delay longer than you think, and Joburg residents fuming
The rand weakened against a stronger dollar on Thursday as investors focused on the G20 meeting of finance ministers and central bank governors in Durban.
The rand traded at 17.86 against the dollar, approximately 0.3% lower than Wednesday’s closing value.
With a relatively quiet domestic economic calendar, traders are closely monitoring the discussions among the Group of 20 representatives on Thursday and Friday.
South Africa has urged G20 countries to demonstrate global cooperation and leadership in addressing challenges such as rising trade barriers, particularly in light of the Trump administration’s tariff threats.
The dollar was about 0.3% stronger against a basket of currencies after a turbulent session, following President Trump’s denial of plans to fire Federal Reserve Chair Jerome Powell.
On Friday, 18 July, the rand was trading at R17.82 to the dollar, R23.92 to the pound and R20.70 to the euro. Oil was trading slightly lower at $69.78 a barrel.
Here are five other important things happening in and affecting South Africa today:
Driving licence backlog: The driving license backlog has dropped to about 690,000 cards, with 269,000 already printed. This number likely includes new applications as well. The estimate of clearing the backlog in four to six months appears optimistic; based on recent data, the Driving Licence Card Agency (DLCA) is reducing the backlog by about 2,400 cards per day, which suggests it could take over 13 months to fully resolve the issue. [MyBroadband]
Joburg residents fuming: Residents of Johannesburg are alarmed by a council agenda proposing the sale or re-leasing of public open spaces like Marks Park, Zoo Lake, and the Pirates Club. A petition is rapidly gaining support, urging the city to keep this valuable green land in public ownership. [Daily Maverick]
Cape Town mayor hits back at rich residents: Cape Town Mayor Geordin Hill-Lewis criticised the South African Property Owners Association (SAPOA) for what he argues is prioritising profits over people in its challenge to the city’s budget reforms. [BusinessTech]
Reality check for South Africa: Old Mutual economist Johann Els believes South Africa will never achieve sustainable economic growth of 5% to 6%, which is necessary to address high unemployment. He anticipates growth improving to around 2.5% to 3% in the medium term, but structural issues like rigid labour laws and red tape will hinder reaching the desired level. [News24]
Gautrain wage deal: The National Union of Metalworkers of South Africa (Numsa) announced a 4.25% wage increase across the board. The housing allowance rises to R1,400, night work/transport allowance details were not specified, the night shift allowance increases from R38 to R40 per hour, and the key performance indicators bonus increases from R9,600 to R10,016. [Engineering News]
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