The mafia taking hold in South Africa, and Dawie Roodt warns South Africa has dug itself a deep hole
The rand was steady on Thursday, thanks to a softer dollar and lower oil prices, as markets wait for a peace deal in the Middle East.
The rand was trading at 16.34 to the dollar, showing very little change since its previous close.
The dollar was steady against several other currencies, but was still struggling after hitting a six-week low on Monday.
Oil prices were trending downwards as markets were hopeful about a peace deal between Iran and the U.S.
Iran and Oman have reached an understanding on the geographic coordinates of shipping routes through the Strait of Hormuz and are finalising a joint announcement.
The rand, like many other emerging market currencies, has been at the mercy of geopolitical events, with the war in Iran having a clear impact.
South Africa’s benchmark 2035 government bond was slightly firmer on Thursday, with the yield falling by 2.5 basis points to 8.285%.
On Friday, 07 August, 2026, the rand was trading at R16.36 to the dollar, R22.01 to the pound, and R18.86 to the euro. Gold is trading at $4,266.10 an ounce, while oil prices were at $83.90 a barrel. [Reuters]
5 important things
Dawie Roodt shares concerning information about South Africa’s debt: South Africa’s consolidated public sector debt is R10.94 trillion or 143.1% of GDP, making it among the largest debt burdens of any emerging market. [DailyInvestor]
A new mafia is growing across South Africa: South Africa has seen the rapid growth of water tanker mafias across the country, which actively ensure municipal water systems remain broken. [Newsday]
Top international tech company opens its first experience store in a luxury shopping mall in South Africa: Chinese TV giant TCL has opened its first experience store in South Africa, located at the Cedar Square shopping centre in Fourways, Johannesburg. [MyBroadband]
New laws for Airbnbs and other short-term rentals in Cape Town: The City of Cape Town has published a new draft Short-Term Letting By-Law for public comment, which will introduce a new registration system for Airbnbs and other short-term rentals in the city. [BusinessTech]
Impeachment Committee not ruling out visiting President Ramaphosa’s Phala Phala farm: The impeachment committee investigating Cyril Ramaphosa’s alleged misconduct are considering visiting the farm as part of its investigations. [EWN]
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