Finance

5 important things happening in South Africa today

Staff Writer

 ·5 Jul 2019

Here’s what is happening in and affecting South Africa today:

• Reserve Bank governor Lesetja Kganyago and Finance minister Tito Mboweni met over lunch on Thursday, and are on the same page about SARB’s independence and agreed to steer clear of commenting on each other’s mandate. Deputy Finance minister David Masondo was criticised for doing just that when he questioned whether inflation rates were being targeted at the right level. [Bloomberg, EWN]

• SARS has set up an elite team to tackle all the cases coming from the State Capture Commission, in a bid to try and claw back billions of rands that have been looted from South Africa. On top of state capture cases, the team will also delve into the findings of the Nugent Commission into SARS itself, which highlighted the years of damage done by former commissioner Tom Moyane. [Mail & Guardian]

• The EFF’s dreams of taking over leadership in Tshwane may have to wait, with the ANC saying it won’t back the party in the metro. The ANC accused the EFF of trying to evade responsibility for its part in Tshwane’s irregular spend. Under the DA-EFF partnership, the city managed to have the third-highest level of irregular expenditure, including a controversial R12 billion GladAfrica contract. [EWN]

• Government doesn’t have the money to fix schools that have been destroyed during protests, says Gauteng education MEC Panyaza Lesufi. The MEC said the department would no fix Katlehong Primary School, which was burnt down by community members protesting a lack of electricity. He said he would not take money from other communities who need schools to fix those destroyed by their own community. The pupils will be relocated to another school. [TimesLive]

• South Africa’s rand rose against the dollar on Thursday to hit its strongest in nearly three months, tracking fellow emerging market currencies, as the dollar was dented by hopes of US interest rate cuts. On Friday the rand was at R14.06 to the dollar, R17.69 to the pound and R15.86 to the euro.