DStv launches new channel, and another United States disaster for South Africa is looming
The rand weakened on Wednesday (23 September) after the Reserve Bank raised its key interest rate, saying the move was needed to steer inflation back toward its 3% target.
The hike was in line with market expectations and came despite Stats SA data showing a smaller-than-expected climb in headline inflation in August.
Following the SARB rate hike, the rand traded at 16.3975 against the dollar, about 1.3% weaker than its previous close.
The central bank raised its key interest rate by 25 basis points to 7.25%.
SARB Governor Lesetja Kganyago said it was crucial that inflation reverts to the central bank’s 3% target as the latest fuel price pressure fades.
FNB chief economist Mamello Matikinca-Ngwenya said rising oil prices and tighter global financial conditions have heightened the risk of imported inflation feeding into broader pricing dynamics, particularly through higher fuel costs and currency depreciation.
As a net fuel importer, South Africa is heavily exposed to swings in global energy prices.
Data from Statistics South Africa showed headline inflation edged up to 4.4% year on year in August, from 4.3% in July.
Markets were anticipating a reading closer to 5%, given the steep diesel price hikes that month.
The SARB’s concerns about fuel-driven inflation and second-round effects are not unfounded. August was just the first month of steep fuel price climbs.
September saw both petrol and diesel prices increase, and October is currently on track for another massive increase, which will push prices to fresh record highs.
The rising prices are expected to filter through to higher inflation readings for these months, with economists already anticipating higher prints.
Global oil prices have been consistently above $100 a barrel this month. After a brief dip below this level on Wednesday, the commodity is back up.
On Thursday, 24 September – a public holiday in South Africa – the rand is trading at R16.37 to the dollar, R21.68 to the pound, and R18.63 to the euro.
Gold is flat at $4,288.71, while oil is up to $102.24 a barrel.
5 important things happening in South Africa today
DStv launches new channel: DStv has launched a new channel, Wethu+, alongside the complete overhaul of its packages in South Africa. The new channel is a three-in-one, combining Mzansi Wethu, Mzansi Bioskop, and Mzansi Magic Music programming. Changes to DStv’s channels and packages went live on 17 September 2026. [MyBroadband]
United States disaster coming: Trade union Solidarity has warned that a decision by the United States on who to include in the African Growth and Opportunities Act (AGOA) is imminent. The review is underway, and the implementation deadline is January 2027. Solidarity said that the announcement about the eligible countries is likely to come at the start of November. [BusinessTech]
The end of ProNutro: ProNutro-owner PepsiCo has decided to discontinue the popular cereal in South Africa after 64 years. After public backlash over the new formula, the company attempted to replicate the old one and failed. It has opted to discontinue the brand rather than supply a product consumers don’t want. [Daily Investor]
R52 billion upgrade: The South African National Roads Agency Limited (SANRAL) is making progress on major N2 and N3 road infrastructure upgrades in KwaZulu-Natal. The N2 programme comprises 11 work packages valued at approximately R19 billion, while the N3 programme is valued at around R33 billion. [TopAuto]
Julius Malema on the attack: EFF leader Julius Malema responded to his looming crimen injuria case, saying it is the work of the right-wing white supremacist organisation Afriforum. The case stems from public statements and social media posts Malema made about Jaco Pieterse, the former principal of Bergview College in Matatiele. [Newsday]
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