Cape Town spending R6 billion on its Eskom escape plan, and good news for South Africans with green ID books
The rand has stayed steady despite inflation figures exceeding expectations, reaching 5% in June.
Most economists expected an increase to roughly 4.7%, but the renewed conflict in Iran led the rate to reach its highest level in two years.
This has shifted the focus to the Monetary Policy Committee’s announcement of interest rate adjustments today, which may be influenced by high inflation.
Economists were previously divided over whether the committee would decide to hold interest rates or raise them by 25 basis points.
Now, many economists believe a 25-basis-point increase is on the cards to help the South African Reserve Bank return to its inflation target of 3%.
South Africa’s benchmark 2035 government bond took a hit from the inflation announcement, rising by 12 basis points to 8.665%.
The rand saw little change at R16.37, modestly improved from its previous close of R16.45 and continuing its slight upward trend.
The Johannesburg Stock Exchange (JSE) has seen growth, with the top 40 index rising by 0.9%.
On Thursday, 23 July 2026, the rand was trading at R16.37 to the dollar, R21.91 to the pound, and R18.72 to the euro. Gold is trading at $4,121.55 per ounce, while oil prices are at $96.03 per barrel.
5 important things happening today
Cape Town spending R6 billion on its Eskom escape plan: The City of Cape Town has revealed plans to spend R6 billion over the next three years to reduce its reliance on Eskom power. [MyBroadband]
Good news for South Africans with green ID books: South Africans can now visit 541 locations across the country to obtain a smart ID card and replace their old and fraud-prone green ID books. [DailyInvestor]
R11 billion government project left buildings empty and stripped by criminals: The Montrose Mega City Human Settlements Project in Randfontein has been abandoned and is now in a state of decay. [Newsday]
South Africa’s dirty R721 billion secret: The economic cost of air pollution in South Africa is estimated at R721 billion, including lost working days and significant pressure on the public healthcare system. [BusinessTech]
IDAC head accused of ‘misusing power’ to pursue Crime Intelligence cops: The head of the Investigating Directorate Against Corruption (IDAC), Andrea Johnson, came under fire during her testimony at the Madlanga commission. [EWN]
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