Retailer coming after Checkers and Pick n Pay, and big changes for Pork prices in South Africa
The rand fell on Thursday after the central bank unexpectedly decided to keep its benchmark lending rate unchanged, surprising financial markets that had anticipated an increase.
The rand was trading at 16.7125 against the dollar, approximately 1.9% weaker than its previous close and close to its lowest point against the US currency in two months.
Investors and economists had expected the South African Reserve Bank (SARB) to tighten monetary policy due to inflation exceeding its 3% target, which reached 5% year-on-year in June.
However, SARB Governor Lesetja Kganyago conveyed a less aggressive stance than anticipated at a press conference, stating that the current policy is restrictive enough.
The bank also revised its inflation forecast for this year down to 4.0% from a previous estimate of 4.4%.
Following the rate decision, the Johannesburg Stock Exchange managed to reduce its losses.
The All-Share Index was last down 0.8%, having been down about 1.8% before the announcement was made.
On Sunday, 26 July 2026, the rand is trading at R16.83 to the dollar, R22.43 to the pound, and R19.14 to the euro. Gold is trading at $4,052.88 an ounce, while oil prices are at $96.78 a barrel.
5 important things happening today
Retailer coming after Checkers and Pick n Pay: Walmart launched its first stores in South Africa last year and offers lower prices on everyday products compared to Checkers and Pick n Pay. [Newsday]
Big change for pork prices: The price of pork in South Africa has significantly decreased from approximately R40 per kilogram a few months ago to its current price of just R30 per kilogram, primarily due to a substantial oversupply of pork meat products. [DailyInvestor]
The growing threat to Eskom: The latest estimates from the National Transmission Company of South Africa (NTCSA) indicate that the peak generating capacity of private solar power has increased by over one-third compared to last year. [MyBroadband]
SARB governor’s warning to South Africa: Lesetja Kganyago, governor of the South African Reserve Bank, has highlighted the urgent need for reforms to aid economic recovery, asserting that it must start domestically to address inflationary pressures. [BusinessDay]
New Bafana Bafana coach announced next week: The South African Football Association (Safa) will announce the new Bafana Bafana coach next week. The technical committee, headed by Jack Maluleka, will evaluate nine candidates to select a successor for Hugo Broos. [TimesLive]
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