Great news for anyone with a driver’s licence in South Africa, and ANC chasing iconic company out of the country
The rand weakened last week amid ongoing Middle East tensions, influenced by global market trends.
Asian emerging markets gained due to reduced expectations of US Federal Reserve interest rate hikes, which pressured the dollar.
The rand’s volatility has been notable this year, with values reaching R17.25/USD and R22.93/GBP, compared to earlier figures of R15.64/USD and R21.42/GBP.
The situation has worsened due to the US-Israeli conflict with Iran, with South Africa’s benchmark 2035 bond yields decreasing to 8.325%.
The rising global crude prices threaten to reignite inflation, following a recent 7.8% shock in the Producer Price Index, even though the Consumer Price Index stands at 4.5%.
SARB Governor Lesetja Kganyago’s decision to raise the benchmark repo rate to 7% in May suggests a proactive approach to future trends.
As the Monetary Policy Committee meets on July 23, it is closely monitoring risks, particularly the potential need for additional tightening amid prolonged tensions in the Strait of Hormuz.
On Monday, 13 July 2026, the rand was trading at R16.39 to the dollar, R21.93 to the pound, and R18.69 to the euro. Gold is trading at $4,053.24 an ounce, while oil prices were at $79.15 a barrel.
5 important things happening today
Good news for anyone with a driver’s licence: South Africa’s driver’s licence card validity period will be increased from five to eight years, significantly cutting down on the number of renewals motorists will need to apply for. [TopAuto]
ANC chasing iconic company out of the country: Mining analyst at Modern Corporate Solutions, Peter Major, said that the ANC’s policies are chasing South Africa’s most iconic company, Anglo American, out of the country. [Newsday]
Fuel shortage: Private oil companies and wholesalers will be required to store 21 days’ worth of backup fuel at their own expense, shifting from a voluntary to a mandatory regime. The government will maintain 60 days of net import reserves to prevent fuel shortages during global supply disruptions. The unavailability of liquid fuels could cost South Africa’s economy approximately R1 billion per day in GDP. [Business Day]
Devices to scan for illegal foreign nationals: The Department of Home Affairs has issued a tender to appoint a service provider to develop handheld devices with built-in biometric readers to verify the status of a foreign national. [MyBroadband]
Government wants to control water supply: AfriForum has warned that the government’s proposed National Water Amendment Bill of 2026 would significantly expand state control over water allocation and management. [Daily Investor]
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