Changes to water tariffs in South Africa, and just two deputy ministers spent R6.4 million on car rentals, flights, and accommodation
The rand slipped in early trade on Monday as the ongoing standoff between the US and Iran continued to drive oil prices higher, impacting risk-sensitive currencies in oil-importing economies.
The rand was trading at 16.40 against the dollar, approximately 0.5% weaker than its previous close.
Oil prices rose more than 3% on Monday, with Brent crude futures exceeding $107 a barrel after US President Donald Trump rejected a peace deal with Iran intended to resolve their conflict and reopen the Strait of Hormuz.
South Africa imports most of its fuel, making its economy particularly vulnerable to fluctuations in global oil prices, which have been exacerbated since the conflict in Iran began in late February.
“Volatility in the rand could be elevated this week as the data calendar is packed with information from the US, culminating in the non-farm payrolls data released on Friday,” said Andre Cilliers from TreasuryONE.
On the Johannesburg Stock Exchange, the Top-40 index fell by 1.7% in early trading.
Gold Fields led the losses, dropping around 13% after Australia’s Northern Star Resources announced it had rejected an unsolicited takeover approach valued at A$38.7 billion (approximately $27.1 billion).
Additionally, South Africa’s benchmark 2035 government bond weakened, with the yield rising by 5.5 basis points to 8.855%. [Reuters]
On Tuesday, 29 September 2026, the rand was trading at R16.44 to the dollar, R21.77 to the pound, and R18.68 to the euro. Gold is trading at $4,127.24, while oil prices were at $107.03 a barrel.
5 important things happening in South Africa today
New water tariff assessments for South Africa: The Department of Water and Sanitation (DWS) is introducing frameworks to increase the capacity of water service authorities (WSAs) to ensure regulatory compliance and to improve water tariff proposals and performance monitoring. It will provide a structured, standardised process for municipalities to follow when setting retail water prices. [Engineering News]
Two deputy ministers spent R6.4 million: The Minister in the Presidency revealed that two deputy ministers in the department spent R6.40 million on travelling in the 2025/26 fiscal year. The R6.4 million figure covered car rentals, accommodation, flights, and subsistence and travel costs for Deputy Ministers Nonceba Mhlauli and Kenneth Morolong, and their teams. [Daily Investor]
Burke’s company is under investigation: Finance Minister Enoch Godongwana has confirmed that the South African Reserve Bank (SARB) is investigating fintech company Kastelo over suspected exchange-control contraventions involving transactions worth approximately R4 billion. [BusinessTech]
Cape Town plunged into darkness: Large parts of Cape Town were plunged into darkness on Monday evening, with the metro saying that a transformer had tripped and could not be restored due to network instability. [MyBroadband]
Attempted assassination of SASSA manager: The Minister of Social Development, Dina Pule, has been called to account in Parliament on an alleged assassination attempt against a senior manager at the South African Social Security Agency (SASSA). [Newsday]
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