City of Joburg pays over R5 billion to Eskom, and the Department of Higher Education meets with major university in South Africa
The rand strengthened on Friday, reaching its highest level since the United States and Israel launched attacks on Iran in February.
This increase was driven by rising gold prices and a weaker dollar, which benefitted the commodity-linked currency.
The rand traded at 15.9925 against the dollar, about 0.8% stronger than its previous close.
Gold, one of South Africa’s main exports, rose to a more than three-month high on Friday and was on track for its third consecutive weekly gain.
The precious metal’s rise was supported by a weaker dollar and the US Treasury’s announcement to increase buybacks of longer-dated securities.
The US Treasury indicated it might further expand its repurchase of Treasuries following the announcement that it would double the size of buybacks of longer-dated securities for the next quarter.
As a result, the US dollar was expected to end a volatile week lower, making dollar-priced gold more affordable for overseas buyers.
Like other emerging-market currencies, the rand has been influenced by global market sentiment, particularly since the onset of the war in Iran.
On the Johannesburg Stock Exchange, the Top-40 index increased by 2.2%.
On Saturday, 22 August 2026, the rand was trading at R16.02 to the dollar, R21.85 to the pound, and R18.70 to the euro. Gold is trading at $4,603.3 an ounce, while oil prices are at $94.39 a barrel.
5 important things
City of Joburg pays over R5 billion to Eskom: Eskom has confirmed receipt of the final payment from the City of Johannesburg’s electricity distribution company, City Power, to fully settle its overdue electricity debt totalling R5,255,421,994.16. [MyBroadband]
Department of Higher Education meets with major university: The Higher Education Department plans to hold another meeting to address the standoff between Cape Peninsula University of Technology (CPUT) students and management. The initial meeting on Thursday ended without an agreement, as the departmental team met separately with both sides. [EWN]
Transnet spent R2.5 billion on Cape Town’s port: Transnet invested R2.5 billion in the Port of Cape Town over the past two years to improve its capacity for handling South Africa’s fruit exports, with 80% of deciduous fruit processed here during a short seasonal window. [DailyInvestor]
Black Market warning for people in Mpumalanga: Criminal syndicates posing as patients acquire medication from health institutions in Mpumalanga and sell it on the black market. [Newsday]
South African bus drivers leave to Ireland: South African bus drivers are leaving for better opportunities in Ireland, as the EU faces a significant shortage of drivers. Dublin Bus is hiring six drivers from South Africa each week to help address the estimated shortfall of 500,000 commercial drivers in the region. [Timeslive]
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