Bad news for anyone who uses Pick n Pay Asap, and R3.2 billion Afrikaans ‘university’ taking shape
On Thursday afternoon, the rand was slightly stronger after the central bank raised its key interest rate and new data showed a significant April increase in producer inflation.
The rand traded at 16.32 against the dollar, reflecting an increase of about 0.3% from Wednesday’s closing level.
The South African Reserve Bank raised the policy rate by 25 basis points to 7%, marking its first increase in three years.
This decision positions South Africa as one of the few emerging markets to tighten its monetary policy during the ongoing Iran war.
The central bank stated that this move was necessary to bring inflation back to its target. In April, consumer inflation rose to 4% year over year, while the bank aims for a target of 3%.
Additionally, data released on Thursday indicated that producer inflation also rose sharply last month, hitting 4.8% year-on-year, up from 2.3% in March.
As a result, South Africa’s benchmark 2035 government bond was slightly firmer, with the yield falling by 6 basis points to 8.42%.
On Friday, 29 May, the rand was trading at R16.23 to the dollar, R21.81 to the pound, and R18.89 to the euro. Gold is trading lower at $4,508.81 an ounce, while oil prices were at $92.69 a barrel.
5 important things happening in South Africa today
Pick n Pay delivery app breached: A threat actor claims to have breached Pick n Pay’s Asap! delivery platform, with private customer data, including full credit card details, reportedly for sale on a dark web forum since 23 March 2026. [MyBroadband]
New R3.2 billion private Afrikaans ‘university’: The R3.2 billion Akademia campus in Pretoria East is under construction and is set to open in 2028, accommodating over 5,000 full-time students. Development began in 2019, with construction officially starting in January 2026, and rapid progress has been made since then. [Daily Investor]
Reserve Bank hikes interest rates: The South African Reserve Bank (SARB) has increased interest rates by 25 basis points amid rising consumer prices caused by the conflict in the Middle East. [BusinessTech]
Calls for probe into secretary of parliament’s salary: The 70% salary hike for Parliament’s secretary, Xolile George, from R2.4 million to nearly R5 million has sparked calls for a forensic probe from DA and EFF MPs. [Times Live]
Eskom to burn coal power stations for longer: South Africa plans to delay the retirement of around 20% of its coal-fired power capacity due to gas projects lagging behind schedule, unlike trends in other developed countries. [Engineering News]
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