Two major South African cities have unlawful electricity charges, and Gayton McKenzie in hot water
The rand stayed firm on Tuesday as global markets assessed the impact of the restart of the conflict in Iran.
Oil prices have continued to rise due to the conflict, but future prices fell by about 0.5% from the previous close.
The drop in oil futures comes as global markets are hopeful about mediation efforts taking place between the US and Iran.
The rand has held its value against the dollar, trading at 16.45, a slight improvement from its previous close of 16.54.
The uncertainty around oil prices and international conflicts continues to limit how much the rand can benefit from a weaker dollar.
The market’s attention today will shift to the announcement of the June CPI data, which is expected to show a rise to roughly 4.7%, a 0.2% increase from May.
South Africans will also be waiting for the Monetary Policy Committee’s announcement of interest rate adjustments on Thursday.
Economists have mixed predictions about this announcement, with some expecting a 25-basis-point interest rate rise.
This would increase the monetary policy rate to 7.25%, but some experts have said the Reserve Bank might decide to hold the current rates.
On Wednesday, 22 July 2026, the rand was trading at R16.45 to the dollar, R22.02 to the pound, and R18.77 to the euro. Gold is trading at $4,128.74 an ounce, while oil prices were at $92.30 a barrel.
5 important things happening today
Two of South Africa’s biggest cities have unlawful electricity tariffs: The City of Joburg and City of Ekurhuleni are among four municipalities that charged customers unlawful tariffs in the 2024/25 financial year. [MyBroadband]
Gayton McKenzie under siege over R31 million World Cup trip: Gayton McKenzie has come under fire for South Africa’s FIFA World Cup delegation costing R31 million, which could have been used elsewhere. [Newsday]
One of South Africa’s biggest employers can lose 8,200 jobs: The global transition to new energy vehicles could place an estimated 8,200 South African jobs at risk if the right policies and investments are not made. [DailyInvestor]
PIC crisis deepens as six directors join board exodus in a week: Internal conflict in the Public Investment Corporation has led to more senior resignations, following the suspension of its CEO. [BusinessDay]
Finance Minister confident City Of Joburg will turn things around: South Africa’s Finance Minister, Enoch Godongwana, met with representatives of the City Of Joburg to discuss the final notice issued to the city. [EWN]
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