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The South African
2 days ago
- Business
- The South African
Interest rates: What experts predict the SARB will decide THIS WEEK
The South African Reserve Bank (SARB) is widely expected to keep interest rates on hold at its upcoming policy meeting this Thursday, 31 July, but market watchers say a rate cut remains on the table as economic uncertainty clouds the outlook. Economists are split on the likely direction of the central bank's next move, with some forecasting a cautious pause, and others eyeing a potential 25 basis point cut. The decision will come amid global market volatility, driven largely by the pending introduction of 30% US tariffs on South African exports, set to take effect on 1 August. Economists at FNB and Investec believe that the SARB's Monetary Policy Committee (MPC) will adopt a wait-and-see approach, likely opting for a hold in July, with a rate cut delayed until September. 'The uncertainty around the incoming Trump tariffs, combined with global economic jitters, will likely keep the SARB cautious for now,' FNB noted. In contrast, analysts from Nedbank and Bank of America argue that current economic conditions – particularly low inflation and muted price pressures – give the central bank enough room to act now. 'With inflation firmly at the lower end of the SARB's 3% to 6% target band, and no strong signs of upward pressure, we believe a cut is warranted,' Bank of America said in a research note. Recent SARB moves and market context The MPC has already cut rates by 100 basis points since the end of 2024, with 25 basis point cuts delivered in January and May, following two similar cuts in late 2024. However, in March, the SARB opted to hold, citing rising global risks and domestic political uncertainty around the 2025 Budget. That decision signaled the bank's willingness to prioritise stability over stimulus, particularly in volatile environments. July's vote is expected to be tight, with the MPC's data-driven approach tested by shifting global dynamics. The pending 'Liberation Day' tariffs from the Trump administration – announced in April – have sent shockwaves through global trade, affecting forecasts and investor sentiment. Though headline inflation has remained well below the SARB's 4.5% midpoint target, South Africa continues to face a higher risk premium, particularly in uncertain markets. Historically, the MPC has moved slowly in cutting rates, favoring a more conservative stance to protect the rand and anchor investor confidence. If the SARB does cut rates on Thursday, it would mark the third cut in eight months, further easing monetary conditions in a weak domestic economy. But if the committee holds, the door will remain open for further easing later in the year, assuming global volatility subsides. All eyes will be on the MPC's statement and vote breakdown, which will provide deeper insight into how policymakers are weighing the competing pressures of domestic data and global risks. With the Trump tariffs set to begin just one day after the decision, South Africa's monetary policy path remains uncertain – at least for now. The South African Reserve Bank's monetary policy committee meets every second month to announce changes – if any – to the country's repo and prime lending rates. The meetings in 2025 are scheduled to take place in January, March, May, July, September and November – and always on a Thursday at 15:00. Currently, the committee comprises of six people, with Lesetja Kganyago holding the position of governor of the SARB – and the deciding vote if necessary. The repo rate currently stands at 7.25% while the prime lending rate is 10.75%. Month Date Outcome January 30 January 25 basis point cut March 20 March No change May 29 May 25 basis point cut July 31 July ? September 18 September November 20 November The table below shows the current monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime. Bond Repayments R750 000 R7 614 R800 000 R8 122 R850 000 R8 629 R900 000 R9 137 R950 000 R9 645 R1 000 000 R10 152 R1 500 000 R15 228 R2 000 000 R20 305 R2 500 000 R25 381 R3 000 000 R30 457 R3 500 000 R35 533 R4 000 000 R40 609 R4 500 000 R45 685 R5 000 000 R50 761 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1
The Citizen
16-07-2025
- Politics
- The Citizen
Why has President Ramaphosa overlooked Deputy Police Minister Boshielo?
Deputy ministers are appointed to assist ministers in carrying out their duties, but The Presidency has confirmed that such appointments remain the sole prerogative of President Ramaphosa. The purpose of a deputy minister has again been questioned as chaos engulfs the police ministry. Firoz Cachalia will assume the acting police minister position on 1 August, but President Cyril Ramaphosa added more fuel to the fire with a shock announcement. The fallout has been endless since KwaZulu-Natal (KZN) police commissioner Lieutenant General Nhlanhla Mkhwanazi rocked the security cluster with damning allegations against officials two weeks ago. Presidential prerogative The president announced on Tuesday that Minister of Mineral Resources Gwede Mantashe will lead the police ministry on an acting basis until Cachalia takes over in two weeks. The Presidency confirmed on Tuesday that Mantashe will retain his mineral resources role, with many asking why Deputy Minister Polly Boshielo was not drafted in. Spokesperson for The Presidency, Vincent Magwenya, was asked why the president had not considered Boshielo for a promotion. 'The question assumes that there's a template or criteria, and it ignores the prerogative that the constitution grants to the president in appointing members of the national executive,' Magwenya told The Citizen. Before her appointment to Ramaphosa's Cabinet, Boshielo served as Limpopo MEC for transport and previously held the position of MEC for education. Boshielo had an earlier stint in the national assembly from 2014 to 2015 before being redeployed to Limpopo, where she was elected speaker of the provincial legislature. In addition to her ANC membership, the Seshego native has also been a member of the South African Communist Party. Staffing costs Boshielo addressed the question herself on Tuesday, stating that the temporary promotion would not be permissible. 'In terms of the law, the deputy minister can't be appointed as the acting minister, only if let's say there is a reshuffle,' Boshielo told SAfm. 'We are waiting for the acting minister to start working with us. Yes, we have spoken to our staff. I cannot lie to you, the morale is a bit low,' she added. Cachalia will act as the minister while a commission of inquiry investigates Mkhwanazi's allegations, raising additional questions about possible staff expenses. 'Yes, [Cachalia] will be able to bring his own staff once he has made his own assessment on how he will prefer to work,' Magwenya explained to The Citizen. 'He can also choose to use some of Minister Mchunu's staff. It will be up to him once he has made an assessment,' he added. Bloated Cabinet The purpose of deputy ministers was raised last year after Ramaphosa announced a bloated Cabinet to accommodate the government of national unity. ActionSA have led the charge to ditch deputy minister roles altogether, launching a Cabinet amendment bill to abolish the positions. The party states that doing so would save South Africa as much as R1.5 billion in salaries, support staff costs and perks. 'The president must seize this moment, right-size the Cabinet and restore effective governance,' stated ActionSA parliamentary leader Athol Trollip. '[This] Cabinet is not only one of the largest in the world but also deeply ineffective, with worsening socio-economic indicators reflecting a failure rooted in absent reforms,' he concluded. NOW READ: Minister perks and broader definition of corruption — ActionSA's legislative proposals
IOL News
12-07-2025
- Politics
- IOL News
WATCH: Ramaphosa to deliver eulogy at former deputy president David Mabuza's funeral
Forner deputy president David Mabuza will be laid to his final resting place on Saturday morning, in Barberton, Mpumalanga. Image: X The remains of former deputy President David Mabuza will be laid to rest in a State Funeral Category 2 in Mbombela on Saturday morning, where President Cyril Ramaphosa is set to deliver eulogy and pay tribute to Mabuza's legacy in South African politics. Mabuza, 64, died on July 3, at a hospital in Johannesburg due to breathing difficulties. Ramaphosa declared that Mabuza's funeral would be conducted in accordance with the protocols of a State Funeral Category 2. 'The late former deputy president David Mabuza, who was a leader in government, contributed greatly to the attainment of freedom and development in society,' said Presidency spokesperson Vincent Magwenya. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Mabuza, who was a qualified teacher, rose to political prominence as Mpumalanga's first education MEC in 1994. He was appointed premier of the province in 2009 and served in that role until 2018. It was during this time, he became known as 'The Cat' for his strategic political maneuvers and behind-the-scenes negotiation style. He went on to serve as South Africa's deputy president from 2018 to 2023. Mabuza, according to the Presidency, also played a significant role as leader of government business in Parliament and as chairperson of the South African National AIDS Council. He served as South Africa's special envoy to South Sudan, where he was instrumental in peace and unity negotiations. 'A respected unifier, Mabuza dedicated his leadership to improving the lives of those in the most remote and disadvantaged communities,' Magwenya said. 'He also played a key role in mobilising the private sector in the national response to HIV and TB.' The state funeral service will take place Saturday, July 12, at 9am at Hoërskool Bergvlam in Mbombela, in the province. On Friday afternoon, Mabuza's body was received in his hometown in Barberton by a crowd of African National Congress (ANC) supporters dressed in party regalia. The South African National Defence Force (SANDF) provided a guard of honour as his remains were returned home from the mortuary ahead of the funeral. Meanwhile, addressing the media outside Mabuza's home, ANC Secretary-General Fikile Mbalula told the media that the party would hand over the ANC flag to the family before the funeral service. 'The proceedings will start in the morning with a private ceremony, which will include the handover of the African National Congress flag to the family,' Mbalula said. 'The government and the State will then take over, as the funeral has been declared by the president as a Category 2 funeral with military honors.' Mbalula said the handover ritual would begin at 7am on Saturday before the funeral procession moves to Mbombela. The ANC faced criticism from Mabuza's family over the manner in which his death was announced. Some relatives expressed disappointment, saying they learned of his passing through social media. Mbalula, however, defended his actions, saying protocol was followed when he announced Mabuza's death through his personal X account. 'From our side as the ANC, we have followed all protocol. I think the entire nation was engulfed by the news of his passing, which landed in media houses,' he said. 'Some members of the family learned of his passing through the media network, but protocol was followed.' Family spokesperson Desmond Moel said the family has accepted the ANC's apology. 'The family has actually accepted the apology from the chairperson of the ANC in Mpumalanga. He indicated that he apologises for having conveyed the message through social media,' Moel said IOL Politics
Indian Express
07-07-2025
- Sport
- Indian Express
Wiaan Mulder, who declared South African innings when in sight of Brian Lara's 400-run mark in Tests, is his own man
When Wiaan Mulder, captaining South Africa for the first time in Tests, walked back at lunch on Day 2 unbeaten on 367, all eyes were on Bulawayo's Queens Sports Club. Having gone past Hashim Amla's 311 to own the highest individual score by a South African, a world record was there for the taking. Brian Lara's unbeaten 400, which has stood tall for 21 years, finally faced a genuine threat before the 27-year-old Mulder decided to end the misery of the Zimbabwe attack with immediate effect. In a decision that raised eyebrows across the cricketing world, Mulder declared South Africa's innings at 625/5 during the break, despite being just 33 runs away from Lara's mark. Monday was all about records tumbling at Bulawayo. Having already made the highest-ever score by a batsman on his captaincy debut, Mulder became the first skipper to make a triple-century in his maiden outing. When he went past 337, he had the highest-ever score made by a batsman overseas (overtaking Hanif Mohammad vs West Indies at Bridgetown, Barbados in 1958) and when he crossed 365 made by the great Garfield Sobers, he was in the top-five all-time list. Only Lara (400*), Matthew Hayden (380), Lara (375) and Mahela Jayawardene (374) were ahead of him before Mulder pulled the plug in a declaration that would be talked about for a long time. Mulder's Gunning For Lara's Record 🔥 The South African captain goes past 300, and now has the highest individual score in South Africa's Test history, eclipsing Amla's 311* 💪#ZIMvSA — FanCode (@FanCode) July 7, 2025 In the past, captains have made surprise declarations in sight of personal landmarks. In 1998 against Pakistan in Peshawar, Aussie skipper Mark Taylor did so when on 334 overnight, as he didn't want to get past Don Bradman's highest score. In the 2012 Sydney Test against India, Michael Clarke went to lunch on Day 3 unbeaten on 329 and despite having plenty of time to break the record, declared the innings during the break. However, none will come close to Mulder who had the record there for the taking. For long, he appeared to be another bright prospect who couldn't manage success at the highest level. But this Zimbabwe tour has come at the right time for Mulder, who has waited for a long time to get an opportunity to prove his credentials at the top of the order. According to chadwickdrive, Mulder scores a century in every 7.1 first-class fixtures. He makes a score of 50 or above every 3.25 innings. His conversion rate is even more ridiculous – he reaches three figures once every 1.18 times after reaching 50. Mulder has 11 tons and 13 fifties in first-class cricket, and 12 of those 24 milestones have come since 2022, when he walked up to the coaches and asked them to not send him to bat at No.7, instead revealing his intention to bat at No.3. It was a significant moment and one with which Mulder sent a strong message. He wasn't the all-rounder that everyone wanted him to be. He wasn't going to be South Africa's next Jacques Kallis. He wanted to be Mulder, a batsman who can bowl. 'I didn't think I could reach my peak while treating batting as a secondary skill,' Mulder told chadwickdrive. 'When I was younger, I was always an opening batter or came in at three. I started batting at seven at the Lions (a South African domestic franchise) because that's where the opportunity for me was at the time. And when you start doing well at a certain position, people start labelling you and put you into a pigeonhole.' Mulder runs the show 💪 A captain's knock for the ages — Wiaan Mulder finishes Day 1 on a staggering 264*. Is a triple ton on the cards tomorrow? 🧐#SAvZIM — FanCode (@FanCode) July 6, 2025 With the aim of taking his game to the next level, Mulder would seek lessons from Amla. In the South African set-up, he continued to bat lower down the order before he made the move to No.3 during their last home season, a position he batted in even in the World Test Championship final against Australia at Lord's. Doubts still persisted as he only had 27 as his highest score in three Tests before the Zimbabwe tour, where Mulder has now scored 17, 147 and 367*. Once Mulder came under Amla's wings, all that the South African great did was make him less obsessed with batting technique. So he would ensure Mulder didn't spend too many hours at the nets but whenever he did, Amla would make it a point to inform his ward that everything – from head position to his hands – were in the right place. That was the message that seemed to calm Mulder. 'I'm a bit of an over-thinker. So I delve into the technical side of things a lot. And as much as I've improved a lot technically, it's also hindered me a lot in terms of what I'm capable of. Now I've freed myself up to actually just try and take the game on. When I faced Pat Cummins or another bowler in international cricket, I felt like I had to be at 100 percent every time. The pressure I put on myself hindered me and it was a weight I carried like a backpack for years,' Mulder reflected. It is this calmness that made Amla famous and what he has instilled in Mulder's mind. There will definitely be debate about his declaration, but in Mulder's head, there won't be any storms. It is all calm.
NBC News
04-07-2025
- Health
- NBC News
Strikes kill 94 Palestinians in Gaza, including 45 people waiting for aid, authorities say
TELAVIV, Israel — Israeli airstrikes and shootings killed 94 Palestinians in Gaza late Wednesday and Thursday, including 45 who were attempting to get much-needed humanitarian aid, hospitals and the Health Ministry said Thursday. Families wept over the bodies from a strike that hit a tent camp during the night as displaced people slept in southern Gaza. At least 13 members of a single family were killed, including at least six children under 12. 'My children, my children … my beloved,' wailed Intisar Abu Assi, sobbing over the bodies of her son and daughters and their young children. Another woman kissed the forehead of a dead little girl wrapped in a blanket on the floor of the morgue at Nasser Hospital in the city of Khan Younis. In central Gaza, a boy stroked the face of his dead sister, 6-year-old Heba Abu Etiwi, in a morgue at Al-Aqsa Martyrs' Hospital. The girl and another of her brothers were among eight people killed when a strike Wednesday evening hit near a stand selling falafel. A separate strike on a school in Gaza City sheltering displaced people also killed 15 people. The toll from strikes emerged as more Palestinians were killed in near-daily shootings while trying to obtain aid. Five were killed on the roads leading to food-distribution sites run by the Gaza Humanitarian Foundation, the newly created, secretive American organization backed by Israel to feed the Gaza Strip's population. Another 40 were killed while waiting for trucks carrying U.N. aid in several locations around Gaza, according to hospital officials. Witnesses have said Israeli troops regularly unleash barrages on crowds of Palestinians trying to reach the GHF sites. Witnesses have also reported troops opening fire when crowds of people mass near military-run zones of Gaza, waiting for U.N. trucks to enter. More than 500 Palestinians have been killed and hundreds more wounded since the food-distribution sites opened in May. The Israeli military, whose forces are deployed on the roads leading to the sites, says it fires warning shots to control crowds or at Palestinians who approach its troops. Armed U.S. contractors guard the sites. Amnesty International on Thursday issued a report saying Israel was continuing to 'use starvation of civilians as a weapon of war … as part of its ongoing genocide.' It said the GHF distribution system appeared intended only to 'placate international concerns' even as Israel allows in only a small amount of food for the U.N. to distribute separately. 'By maintaining a deadly, dehumanizing and ineffective militarized 'aid' scheme, Israeli authorities have turned aid-seeking into a booby trap for desperate starved Palestinians,' it said. The Israeli Foreign Ministry denounced the Amnesty report, saying the organization has 'joined forces with Hamas and fully adopted all of its propaganda lies.' Israel has rejected allegations it is committing genocide in Gaza in the war with Hamas, and it is challenging the accusation filed by South Africa at the International Court of Justice. Amnesty accused Israel last year of committing genocide, saying it has sought to deliberately destroy Palestinians by mounting deadly attacks, demolishing vital infrastructure and preventing the delivery of food, medicine and other aid. Israel intends for GHF to replace the U.N. humanitarian network, which has delivered massive amounts of aid to Palestinians throughout the war. Israel contends that Hamas siphons off large amounts of aid from that system, a claim that the U.N. and aid groups deny. They have rejected GHF, saying it cannot deliver enough aid, endangers Palestinians and is being used by Israel to carry out its war goals. Israel cut off all food and other supplies to Gaza for more 2 ½ months this year, driving its population toward famine, in what it said was a move to push Hamas to make concessions in negotiations and release hostages. It eased the blockade in March. The Foreign Ministry and COGAT, the Israeli defense body in charge of coordinating aid to Gaza, said Wednesday that Israel has facilitated the entry of over 3,000 aid trucks into the Gaza Strip since May 19. That amounts to around 28 trucks a day, a fraction of the hundreds of trucks a day aid workers say are needed. In a statement Tuesday, GHF rejected criticism of its operations and said it has delivered the equivalent of more than 52 million meals. GHF distributes boxes of food staples such as lentils and rice, saying one box holds the equivalent of more than 50 meals. Witnesses have reported scenes of chaos at GHF sites as desperate crowds race to pick up food boxes, with some taking more than one while many others go empty-handed. Much of the food is sold in markets at astronomical prices. The Gaza Health Ministry said the number of Palestinians killed in Gaza has passed 57,000 since the war began on Oct. 7, 2023. The ministry does not differentiate between civilians and combatants in its death count but says more than half of the dead are women and children. The deaths come as Israel and Hamas inch closer to a possible ceasefire that would end the 21-month war. Trump said Tuesday that Israel had agreed on terms for a 60-day ceasefire in Gaza and urged Hamas to accept the deal before conditions worsen. Hamas' response emphasized its demand that the truce lead to an end to the war. The Israeli military blames Hamas for the civilian casualties because it operates from populated areas. The military said it targeted Hamas militants and rocket launchers in northern Gaza that fired toward Israel on Wednesday. The war began when Hamas-led militants attacked southern Israel, killing 1,200 people and taking roughly 250 hostages. The war has left the coastal Palestinian territory in ruins, with much of the urban landscape flattened in the fighting. More than 90% of Gaza's 2.3 million population has been displaced, often multiple times.
