Minister’s private home raided, and deadline set for end of a 103-year monopoly in South Africa
The rand remained stable on Tuesday as investors awaited potential US-Iran talks and key domestic data and events later in the week, including inflation figures and the central bank’s policy decision.
The rand was trading at 16.2825 against the dollar, which is 0.2% weaker than its previous close.
On Sunday, Tehran and Washington exchanged threats. However, US President Donald Trump indicated he would be open to meeting with Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the UN meeting.
Traders are closely monitoring the August inflation data and the South African Reserve Bank’s policy decision, both of which are due on Wednesday.
Economists polled by Reuters expect annual inflation to rise to 4.5%, while the central bank is widely anticipated to implement a 25-basis-point rate hike after keeping rates unchanged at its last meeting.
Additionally, South Africa’s central bank reported on Tuesday that its composite leading business cycle indicator fell by 0.9% month-on-month in July.
Like other risk-sensitive currencies, the rand often reacts to global developments in addition to domestic economic data.
On the Johannesburg Stock Exchange, the Top-40 index was down 0.3% in early trading. South Africa’s benchmark 2035 government bond also showed weakness in early deals, with the yield rising by 2 basis points to 8.65%. [Reuters]
On Wednesday, 23 September 2026, the rand was trading at R16.19 to the dollar, R21.56 to the pound, and R18.50 to the euro. Gold is trading at $4,344.64, while oil prices were at $98.14 a barrel.
5 important things happening in South Africa today
Minister’s private home raided: Police executed a search and seizure warrant granted by the Johannesburg High Court to raid Senzo Mchunu’s private residence in KwaZulu-Natal. [Mail & Guardian]
Deadline set for the end of a 103-year monopoly: The Department of Electricity and Energy has briefed Parliament on plans to overhaul South Africa’s power market. From April 2027, the first new participants in South Africa’s electricity markets will officially join Eskom, the department said. This will finally end Eskom’s 103-year-old monopoly. [MyBroadband]
R6.7 billion plan to bring Formula 1 back to South Africa: Business leaders are working to bring the motorsport back to South Africa, with plans to host it in the Swartland region of the Western Cape. The consortium aims to build an R6.7 billion motorsport complex in Swartland, with a presentation showing it is reminiscent of many circuits on the current Formula 1 calendar. [Daily Investor]
Oldest town on the West Coast at risk of getting destroyed: Hopefield, the oldest town on South Africa’s West Coast, is at risk of being destroyed by a new green hydrogen plant planned for the area. [Newsday]
Over 1,000 businesses in South Africa go under: South Africa has recorded a further 114 insolvencies in August 2026, taking the total number of insolvent businesses this year to 1,010. [BusinessTech]
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