5 important things happening in South Africa today
·20 Sep 2018
Here’s what is happening in and affecting South Africa today:
- The Reserve Bank will today make a decision on interest rates. Analysts were expecting a 50-50 chance that rates would be hiked on the back of the recession and increasing economic pressures; however, recent better-than-expected inflation data has swayed the position to expect a hold on rates. [702]
- Nigeria’s central bank says it will review information given to it by MTN and banks accused of illegally repatriating $8.1 billion. The bank said it will work with the companies to find an amicable solution to the issue. [Reuters]
- New investigations into the Gupta scandal have revealed how the family’s computer business, Sahara, cut straight through government red tape using political connections, to hire Indian nationals illegally. The group reportedly fraudulently falsified work permits, and backdated contracts to make it possible. [Daily Maverick]
- Former president Jacob Zuma is expected to appeal a costs order, which demanded he pay R10 million in legal costs, personally. The cost order relates to the case where he failed to prevent a Public Protector report on state capture, which implicated him, from being published. [eNCA]
- South Africa’s rand gained more than 1% on Wednesday after better than expected inflation data cooled bets the central bank would raise lending rates at its meeting on Thursday. On Thursday the rand was trading at R14.63 to the dollar, R19.25 to the pound and R17.10 to the euro.
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