5 important things happening in South Africa today

 ·15 Apr 2024

  • Nedbank referred to the SIU: Nedbank, which the Airports Company SA has referred to the Special Investigating Unit (SIU), might also be facing legal action from Transnet. This stems from various interest rate swap contracts that were entered into based on the advice from Regiments Capital, a firm linked to the Guptas. Transnet has indicated that should their discussions with Nedbank not yield successful outcomes, they will have no option but to seek legal remedies to recover any money lost through dealings with the bank. [News24]

  • SARB defends inflation stance: The South African Reserve Bank (SARB) has come out in defence of its inflation stance, saying that trying to reach the 4.5% midpoint of its target is the right thing to do, even as rising oil and food prices threaten to delay relief from interest rates that are hovering at a 15-year high. The governor said that price stability remains the central bank’s focus, but the government also needs to play its part to foster economic balance and growth. [News24]

  • Joburg anti-corruption unit probed: The city is set to formally open an investigation into allegations of rogue, clandestine and unlawful conduct by a group of its forensics and investigations services. Last year, the National Prosecuting Authority said it believed there was no prospect of success in prosecuting those who set up Joburg City’s anti-corruption unit. [eNCA]

  • Dissolved NSFAS board ‘unable to carry out basic duties’: Blade Nzimande, the Minister of Higher Education, announced that he had no choice but to disband the National Student Financial Aid Scheme (NSFAS) board last week. He said that this decision came after the board did not heed his directive to dismiss service providers lacking competence. Nzimande attributed the widespread delays in disbursing student fees to tertiary institutions directly to this incompetence. [Business Day]

  • Markets: The rand weakened on Friday against the U.S. dollar, which hovered near a five-month high as traders heavily scaled back bets for a slew of U.S. rate cuts this year. On Monday (15 April), the rand was trading at R18.84 to the dollar, R23.53 to the pound, and R20.08 to the euro. Oil is trading at $90.23 a barrel. [Reuters]

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