Jail time for people who don’t pay their TV licences, and average Eskom salary increased from R72,133 to R1.165 million
The rand gained ground in early trading on Thursday as the dollar weakened from an 18-month high.
Investors are now looking ahead to next week’s medium-term budget for insights into the country’s fiscal outlook and credit rating prospects.
The rand was trading at 16.5575 against the dollar, approximately 0.3% stronger than its previous close. The dollar index, which measures the greenback against a basket of currencies, declined.
This gave back most of the gains it had made after stronger-than-expected US inflation data released on Wednesday pushed it to an 18-month high.
Investors will be closely watching Finance Minister Enoch Godongwana’s medium-term budget policy statement next week, with expectations of an improved budget balance and a more favourable ratings outlook.
According to ETM Analytics, the rand is looking to US markets for direction, but the medium-term budget policy statement will keep traders in limbo.
South Africa’s benchmark 2035 government bond was also stronger in early trading, with its yield decreasing by 6.5 basis points to 8.69%. [Reuters]
On Friday, 16 October 2026, the rand was trading at R16.46 to the dollar, R21.89 to the pound, and R18.48 to the euro. Gold is trading at $4,174.70, while oil prices were at $105.50 a barrel.
5 important things happening in South Africa today
Jail time for people who don’t pay their TV licences: OUTA wants the SABC TV licence abolished, but warned that South Africans are currently legally required to pay it. Non-payment is against the law and can lead to fines or up to 6 months in jail. [MyBroadband]
The average Eskom salary increased from R72,133 to R1.165 million: The average annual salary of an Eskom employee has increased from R72,133 in 1994 to R1.165 million in 2026. This was revealed by Eskom’s annual reports over the last 32 years, which showed a rapid increase in employee costs in recent years. [Newsday]
Patrice Motsepe defeats R3.23 billion damages claim: A company linked to South African billionaire Patrice Motsepe said a Tanzanian court dismissed a long-running case brought by Pula against him and affiliated firms, in which Pula sought R3.23 billion in damages. [Daily Investor]
Expected petrol price for November: According to the CEF’s data, petrol prices are showing an under-recovery of R2.26 and R2.28 per litre for Petrol 93 and 95, respectively. Diesel price recoveries are better off, with under-recoveries of R1.37 and R1.46 per litre for 0.05% and 0.005% sulphur, respectively. [BusinessTech]
New rules for car manufacturers: South Africa will stop providing policy support for automakers that import near-complete vehicles for local assembly, Trade, Industry and Competition Minister Parks Tau said on Thursday, as the government overhauls the programme that underpins the country’s car industry.[CNBC Africa]
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