A single accounting mistake will cost South Africa R9.6 billion, and WeBuyCars in hot water
The rand’s value dropped on Thursday, following the Monetary Policy Committee’s decision to hold interest rates.
Rand traded at 16.71 to the dollar, coming close to its weakest value in the last two months and 1.9% weaker than its previous close.
The Reserve Bank’s decision to hold interest rates came as a surprise, with most economists expecting it to be increased by 25 basis points.
This was due to inflation in June reaching 5%, exceeding the government’s target of 3%.
South African Reserve Bank governor Lesetja Kganyago said his committee reached the decision as policy was already restrictive enough.
He also cited the revised inflation forecasts for South Africa, which have gone from 4.4% to 4.0% for the year.
The Johannesburg Stock Exchange benefited from the decision, with the all-share index down 0.8% at close, having been down 1.8% before the announcement.
On Friday, 24 July 2026, the rand was trading at R16.82 to the dollar, R22.39 to the pound, and R19.14 to the euro. Gold is trading at $4,026.3 per ounce, while oil prices are at $100.3 per barrel
5 important things happening today
A single accounting error will cost South Africa R9.6 billion and 45,000 jobs: The National Energy Regulator of South Africa’s approval of a R54 billion Eskom tariff adjustment will make South Africans R9.6 billion poorer over the next two years. [DailyInvestor]
Reserve Bank holds interest rates in South Africa: The South African Reserve Bank’s Monetary Policy Committee has voted to hold interest rates in South Africa. [BusinessTech]
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Deputy Finance Minister resigns as Public Investment Corporation chair: South Africa’s Deputy Finance Minister has resigned as the chair of the board of directors of the Public Investment Corporation. [Newsday]
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