South Africa takes R8.1 billion loan to fix its cities, and another death on infamous Cape Town road
The rand was close to its strongest level in five months on Thursday, as investors assessed weaker-than-expected mining production data.
The rand was trading at 16.14 against the dollar, almost unchanged from its previous close.
The currency was being supported by global factors, such as U.S. inflation rates, reducing the risk of a Federal Reserve interest rate hike.
The rand is strongly affected by these global factors, as well as domestic affairs, like many other risk-sensitive currencies.
South Africa’s mining output fell 4.0% year-on-year in June, with a revised 5.1% drop in May, according to new data from Statistics SA.
Analysts polled by Reuters had been expecting a less alarming drop of approximately 3.4% in June’s mining output.
South Africa’s benchmark 2035 government bond weakened, with the yield rising by 11 basis points to 8.415%.
On Friday, 14 August, 2026, the rand was trading at R16.20 to the dollar, R21.86 to the pound, and R18.69 to the euro. Gold is trading at $4,324.99 an ounce, while oil prices were at $87.13 a barrel. [Reuters]
5 important things
R8.1 billion from China to fix electricity problems in South Africa’s largest cities: Beijing-based Asian Infrastructure Investment Bank (AIIB) has signed an R8.1 billion loan agreement with South Africa to improve the operational performance of the country’s largest cities. [MyBroadband]
Cape Town’s hell run claims another life: Calls for action are being made after another death on an infamous stretch of the N2 in Cape Town, nicknamed the “hell run.” [Newsday]
South Africa’s rand waiting for the tide to turn: South Africa’s rand and other emerging market currencies are expected to be far less volatile in 2027 and 2028. [DailyInvestor]
Big changes for one of Cape Town’s iconic stadiums: Stellenbosch University and the Maties Rugby Club have entered into a strategic sponsorship agreement with the financial firm Salt EB, with plans for a name change to its stadium. [BusinessTech]
CPUT dismisses rumours that its academic programme has been suspended: CPUT has confirmed that its academic programme is still going, following days of student protests. [EWN]
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