Severe storm chaos in South Africa, and new SARS boss is coming
South Africa is in holiday mode, with markets and indicators not showing much movement.
The rand slipped against a stronger dollar in holiday-thinned trade on Friday, reacting largely to the latest set of data released by Stats SA for the year.
This includes consumer inflation, which slowed to 3.5% in November from 3.6% the month before, remaining within the one percentage point tolerance band of the SARB’s new 3% inflation target.
Producer inflation was at 2.9% in November, the same rate as in October.
The rand has held steady at around R17.00 to the dollar, remaining at around R16.75. Analysts say it could soon resume its rally, with some suggesting it could test the R16.60 level.
The rand has had a strong year, rising more than 12% against the dollar in 2025 thanks to South Africa’s improved fiscal performance, success in containing inflation and soaring precious metals prices.
Last week’s economic data releases showed price pressures remain moderate, keeping the central bank on course for more interest rate cuts next year.
In early trade on Monday, the rand was trading at R16.72 to the dollar, R22.38 to the pound and R19.60 to the euro.
Oil is trading at $61.02, having closed the week a bit stronger. Gold has continued to maintain its stronger position, trading at $43,97.73 an ounce.
5 important things happening in South Africa today
Severe storms hit South Africa: South Africa has been pelted with severe weather across several provinces, causing flooding, damage and blocking roads. Reports of flash flooding in KwaZulu-Natal have put emergency services on high alert, while regions in Gauteng have also been hit with flood warnings. Weekend reports also showed strong winds and storms pelting areas in the Free State. The South African Weather Service says that rains and thundershowers are set to continue this week. [IOL, TimesLive]
SARS hunting its new boss: SARS Commissioner Edward Kieswetter’s tenure as head of the service will soon come to an end, with a panel chaired by former Finance Minister Nhlanhla Nene currently reviewing applications for the top spot. The panel will create a shortlist of candidates, along with recommendations, and present it to the finance minister and the president. It is unknown how many people applied for the job or who they are, but it was previously reported that SARS Deputy Commissioner Johnstone Makhubu was a favourite. [News24]
Salary hike for politicians: The trade union Cosatu has rejected a proposed 4.1% salary hike for government officials, including MPs, judges, and other politicians. The union stated that it would be unfair to grant politicians such a substantial salary increase while South Africans in general continue to experience poor service delivery, rising costs, and higher taxes. The hike would create another surge in South Africa’s already bloated government wage bill, while rewarding thousands of politicians who oversee municipalities that are collapsing due to poor governance. [EWN]
Temu warning for South Africa: South Africans planning to order products from the Chinese e-commerce giant Temu this festive season should be aware that their shipments may be subject to significant delays due to high order volumes. Several South African customers who placed orders in late November 2025 have already reported delays in shipments and order processing times. The online retail giant’s operations in South Africa are under scrutiny from the National Consumer Commission, which has launched formal investigations into Temu and Shein. The investigation is assessing their compliance with the Consumer Protection Act. [MyBroadband]
Another mass shooting in SA: Nine people were killed and 10 wounded in an early morning shooting in a township south-west of Johannesburg, and authorities have launched a manhunt for the suspects. The incident occurred just before 01h00 local time on Sunday at a licensed tavern in Johannesburg’s Bekkersdal township. About 12 unknown suspects in a white minibus and a silver sedan opened fire at the tavern’s patrons and continued shooting randomly as they fled the scene, the police said, adding that the investigation would determine the motive for the shooting. [Newsday]
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