South Africa just avoided a big money problem, and VW recalls hundreds of Polos
The South African rand strengthened on Wednesday as inflation increased only slightly, keeping the central bank on track to continue cutting interest rates.
The local stock market reached a new record high. The rand was trading at 17.56 against the US dollar, up approximately 0.2% from Tuesday’s closing level.
In June, South African inflation rose to 3.0% year-on-year, up from 2.8% in May, which was in line with forecasts.
Analysts noted that this leaves room for the central bank to ease its policy further. The bank is scheduled to hold a rate-setting meeting next week.
On Thursday, 23 July, the rand was trading at R17.52 to the dollar, R23.79 to the pound and R20.63 to the euro. Oil was trading slightly lower at $68.78 a barrel.
Here are five other important things happening in and affecting South Africa today:
South Africa dodged a big money problem: The National Assembly passed the Appropriation Bill on Wednesday, preventing a fiscal crisis and ensuring the budgeting process concludes by the end of this month. According to the deputy finance minister, without it, the government would have run out of money by October. [News24]
VW Polo recall: Volkswagen has recalled Polo Sedans in South Africa, affecting models produced from August 11, 2022, to the present. The recall, involving 253 units, is due to a serious safety risk from incorrectly fitted seat belts. [TopAuto]
Record for JSE: The JSE’s leading indicator has reached an all-time high, signalling a strong performance for the local stock market in 2025. The FTSE/JSE All Share Index (ALSI) has surpassed 100,000 points, which is 1,000 times its starting value of 100 points in January 1960. [BusinessTech]
Changes to electricity billing for Joburg residents: City Power has decided to take over electricity billing in Johannesburg, which was previously included in the council bill. This change aims to simplify the collection process and ensure City Power receives more of the payments owed to them. [Primedia Plus]
Trouble for schools in South Africa’s richest province: Experts warn that the Gauteng Department of Education’s budget of R68 billion for 2025/26 is insufficient to tackle critical issues like the rising number of learners, infrastructure backlogs, and systemic inequalities. [Daily Maverick]
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