Here’s what is happening in and affecting South Africa today:
- Ratings firm Moody’s says that with a stable outlook, there’s little chance that South Africa will be downgraded to junk status any time soon. However, the group warned of extremely slow growth, with weak confidence prevailing so long as policy uncertainty around land and other topics persists. [Bloomberg]
- It has been revealed that China has ‘gifted’ South Africa R370 billion toward president Cyril Ramaphosa’s economic stimulus package. While government was reportedly hesitant to accept money from China, it said it realised that it could not drag the country out of economic stagnation on its own. [Mail & Guardian]
- A new court ruling has stated that repossessed homes have to be sold with a reserve price – putting an end to cases where houses would go on auction and sell for as little as R100. The court also ruled that the money judgment and sale in execution order must happen at the same time. [Moneyweb]
- Former president Jacob Zuma says he’s not scared to take the stand and give his account of events in the state capture commission. Through his lawyer, Zuma said he has always cooperated with investigations and will continue to do so. [Times Select]
- South Africa’s rand raced to its highest in more than a week on Thursday, erasing all of the losses suffered after the economy slipped into recession, as a rate hike in Turkey and Moody’s decision to hold fire on a downgrade boosted demand. On Friday the rand was trading at R14.76 to the dollar, R19.35 to the pound and R17.25 to the euro.