Bank cards are disappearing in South Africa, and South Africa spends R80 billion on fuel imports in 5 years
The South African rand strengthened in early trading on Friday as the dollar weakened. Investors are focused on next week’s medium-term budget for insights into the country’s fiscal outlook and credit-rating prospects.
The rand was trading at 16.4450 against the dollar, approximately 0.3% stronger than its previous close. The dollar index, which measures the greenback against six major currencies, was down about 0.2%, setting the dollar on track for its first weekly decline in five weeks.
Investors will be paying close attention to Finance Minister Enoch Godongwana’s medium-term budget policy statement next week for indications of South Africa’s fiscal trajectory.
There are expectations of an improving budget balance and a more favourable ratings outlook.
On the Johannesburg Stock Exchange, the Top-40 index was up about 0.2% in early trading.
South Africa’s benchmark 2035 government bond was slightly firmer, with the yield falling 1.5 basis points to 8.69%. [Reuters]
On Sunday, 18 October 2026, the rand was trading at R16.49 to the dollar, R21.97 to the pound, and R18.53 to the euro. Gold is trading at $4,165.58, while oil prices were at $109.9 a barrel.
5 important things happening in South Africa today
Bank cards are disappearing in South Africa: In 2026, South Africa’s banks saw a rapid growth in digital wallets and virtual cards, enabling transactions without physical cards. FNB reported a 47% increase in transaction values for virtual cards this past year. [MyBroadband]
South Africa spends R80 billion on fuel imports in 5 years: Due to declining refining capacity and high fuel import costs of nearly R80 billion over the past five years, the government has developed a petroleum sector development plan to enhance national fuel security. [BusinessDay]
R1.5 trillion industry making South Africans lose money: A report shows that online gambling in South Africa surged by 390% from 2021 to 2025, driven by mobile accessibility and advertising. In the 2024/25 financial year, about R1.5 trillion was wagered in the sector, with nearly 75% of it placed online. [DailyInvestor]
South Africa’s lagging economic growth: The latest IMF data show that South Africa’s growth is significantly behind Sub-Saharan Africa’s. In 2026, South Africa’s projected growth is 1%, compared to Sub-Saharan Africa’s 4.5%. [Newsday]
Warning to people using WhatsApp: Recent cases have emerged in which cybercriminals have taken over WhatsApp accounts and contacted users’ contacts to request money. [BusinessTech]
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