What South Africa has offered the US, and blow to BEE requirements for estate agents
The South African rand weakened on Tuesday as investors focused on the upcoming monetary policy meeting and developments regarding tariff negotiations, particularly the potential 30% levy on the country’s exports to the US.
The rand was trading at 17.95 against the dollar, approximately 0.5% weaker than it closed on Monday.
Analysts noted that the risk-sensitive currency is likely to remain vulnerable, especially since there have been no updates on negotiations for a trade deal with the US, and the 1 August deadline is approaching.
The South African Reserve Bank (SARB) is set to announce its interest rate decision tomorrow, 31 July, with economists polled by Reuters anticipating another cut of 25 basis points.
On Wednesday, 30 July, the rand was trading at R17.87 to the dollar, R23.85 to the pound and R20.64 to the euro. Oil was trading slightly lower at $69.96 a barrel.
Here are five other important things happening in and affecting South Africa today:
South Africa’s proposed trade deal: South Africa is awaiting feedback from the US on a proposed trade deal involving nearly R60 billion in local investments in sectors like mining and recycling. If no progress occurs, a 30% tariff on South African exports will take effect on Friday. The proposals include a 10-year liquefied natural gas import deal, US poultry and blueberry imports, and exemptions on certain tariffs. The deal also involves a commitment from South African firms to invest $3.3 billion (R59 billion) into US industries. [News24]
Blow to BEE rules for estate agents: Lobby group Sakeliga has made significant progress in its legal challenge against the Property Practitioners Regulatory Authority (PPRA) regarding the denial of fidelity fund certificates to non-BEE-compliant businesses. The government has withdrawn its opposition to Sakeliga’s case, which argues that the rules are an attempt to force compliance and could harm businesses. [Moneyweb]
Driving licence warning: The Department of Transport has warned South Africans that the backlog in processing driving licences is not a valid excuse for not having a licence on hand. Drivers must always carry their driving licences, or they risk being fined. Those affected by the backlog are also required to provide valid proof of their situation. [BusinessTech]
Transnet pays one company R940 million for not doing its job: Transnet paid Kumba Iron Ore R942 in penalties for logistics underperformance in the miner’s 2025 interim results. Kumba Iron Ore is the largest iron ore producer in Africa and is majority-owned by the mining giant, Anglo American. [Daily Investor]
How Eskom is punishing solar users: Eskom has not announced new charges for solar power users but is implementing tactics that penalise them, such as strict registration criteria and high fixed charges for those using less Eskom power. The fixed charge increases are only partially in effect. [MyBroadband]
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