Historical interest rate change coming for 135,000 homeowners, and R311 million down the drain
The South African rand remained stable on Friday, holding below the 17.00 level as investors awaited a Moody’s rating review later in the day.
The rand traded at 16.9650 against the dollar, showing little change from Thursday’s closing level.
Domestic investors are closely monitoring the Moody’s credit rating review, with many anticipating an upgrade from a stable outlook to a positive one.
The rand has also received support from recently issued government dollar-denominated eurobonds.
Additionally, central bank data released on Friday indicated that South Africa’s net foreign reserves increased to $70.024 billion at the end of November, compared to $69.364 billion in October.
On the Johannesburg Stock Exchange, the Top 40 index closed up 1.6%.
On Monday, 8 December, the rand was trading at R17.06 to the dollar, R22.75 to the pound and R19.89 to the euro. Oil was trading slightly lower at $62.94 a barrel.
5 important things happening in South Africa today
Big interest rate change: The South African Reserve Bank (SARB) noted that over 135,000 retail mortgage contracts will need renegotiation as the Johannesburg Interbank Average Rate (Jibar) is phased out by the end of 2026. Most of these mortgages, linked to Jibar, have been issued by SA Home Loans to its clients and those of Capitec, Discovery Bank, and Old Mutual. [News24]
Another R311 million down the drain: Three years ago, it was reported that R275 million had been spent on a taxi rank in Limpopo, which had never opened. Construction started in 2011 on the Thohoyandou taxi rank. The bill now stands at R311 million. It has still not opened. [Newsday]
Truecaller still in hot water: Truecaller is under investigation by South Africa’s Information Regulator. In June 2025, some companies and individuals pressed the regulator to address concerns about the platform damaging reputations with spam labels and charging fees for whitelisting. [MyBroadband]
Major employer in trouble: South African vehicle and component manufacturers are not growing and are losing jobs. They emphasised that by 2026, there needs to be a clear vehicle policy, marking an end to what some describe as the government’s “laissez-faire” approach to the turmoil currently facing the motor industry. [Business Day]
8-year driving licence coming: South Africa is “definitely” getting an extension on its driver’s licence validity period from five to eight years. This was stated by Director-General Mathabatha Mokonyana, who informed the Parliament’s Select Committee on Public Infrastructure and the Minister in the Presidency that a decision had been made. [TopAuto]
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