Here’s what is happening in and affecting South Africa today:
- Both president Cyril Ramaphosa and former president Jacob Zuma were dragged into the VBS scandal this past weekend. Zuma is under investigation for failing to begin payment on his Nkandla ‘home loan’ until after VBS had entered administration, while a City Press article claims that Ramaphosa and others in government knew about the VBS looting spree – and did nothing to stop it. [Sunday Times]
- President Ramaphosa is seeking assistance in appointing the next National Director of Public Prosecutions. Ramaphosa has invited a number of legal organisations and independent public institutions to assist him in identifying and selecting individuals for consideration as possible candidates for the position. [eNCA]
- Ratings agency Moody’s is now expected to release its statement on South Africa’s sovereign credit rating after finance minister Tito Mboweni delivers his medium-term budget on 24 October. The agency was expected to release its rating on Friday. [EWN]
- South African consumers should also pay close attention to the medium-term budget speech, with tax experts warning that the country could see another VAT increase in 2019. Tax experts, Mazars, said that there was a possibility that an increase in VAT could be introduced to make up for shortfalls in tax revenue. [IOL]
- The rand strengthened against major global currencies on Friday afternoon, buoyed by a global relief rally and a weakened dollar. On Monday the rand was at R14.52 to the dollar, R19.03 to the pound and R16.77 to the euro.