Here’s what is happening in and affecting South Africa today:
- The rand isn’t in for a merry Christmas, economists say, as global demand for the dollar is on the up, while the rand is expected to remain shaky. Despite a dip below R14 to the dollar ahead of the US elections, the rand has again settled above R14, with expectations that it will stick at around R14.50 to the end of the year. [Bloomberg]
- The Reserve Bank will head to court today to get VBS Mutual Bank shut down. The central bank has applied for VBS to be liquidated in the wake of a looting scandal that saw almost R2 billion stolen from depositors, and land in the hands of over 50 people, mostly management. Political parties have also been tied to the proceeds of the looting. [eNCA]
- The latest from the state capture commission has former public enterprises minister Barbara Hogan detailing how former president Jacob Zuma forced her hand to have his favoured candidates deployed in certain positions. Hogan said she pushed back against the president, but in the end could do nothing. [TimesLive]
- Residents in Gauteng, Mpumalanga and the North West Province have been urged to use water sparingly as the region faces a heat wave. Water supplies are under pressure as temperatures are expected to remain in the 30s, hitting highs of 36 by the weekend. [eNCA]
- South Africa’s rand weakened on Monday as a dollar rally dimmed investor appetite for riskier assets, while stocks fell, led by among others Vodacom and market heavyweight Naspers. On Tuesday the rand was at R14.41 to the dollar, R18.56 to the pound and R16.21 to the euro.