South Africa’s currency has remained unchanged ahead of Freedom Day, as the world continues to monitor the conflict between Iran and the US.
While developments in the Iran war have been overshadowed by shots at the White House Correspondents’ Dinner, the war in Iran has seen several developments.
The Iranian Foreign Ministry said that its officials have left Pakistan for Russia to meet with President Vladimir Putin in St Petersburg.
Iranian officials were supposed to meet with an envoy from US President Trump, but pulled out of the talks. US President Trump has said that Iran must contact the US to continue with talks.
The Strait of Hormuz remains tense amid growing concerns over global economic stability and energy supplies. Around 20% of the global oil supply flows through the strait.
The Israeli military has also reportedly continued in southern Lebanon despite a three-week ceasefire, with Iran a key ally of Lebanon’s Hezbollah.
In South Africa, domestic investors’ focus next week will be on the business cycle leading indicator, producer inflation numbers, money supply and private sector credit data, trade balance and budget balance figures.
As of Monday, 27 April, the rand is trading at R16.52 to the dollar, R22.36 to the pound, and R19.37 to the euro. Gold is currently valued at $4,711.49 per ounce, while oil prices are at $107.52 per barrel. [Reuters, Al Jazeera]
5 Important things happening in South Africa today
AI policy withdrawn: Communications Minister Solly Malatsi has withdrawn the Draft National Artificial Intelligence (AI) Policy after controversy erupted over claims it included fake sources, which many believe were, ironically, generated by AI. The Minister said that the fake sources compromised the integrity and credibility of the policy. [MyBroadband]
Green ID boost: South Africans who get a new Smart ID card through Home Affairs’ bank branch-based digital partnership programme will not need to hand in their green ID books when getting their new card. Many South Africans noted having to surrender their green ID book for destruction in the past, but this could often be used for forgery. [MyBroadband]
Capitec targets untapped market: Capitec Group CEO Graham Lee says the bank aims to attract entrepreneurs and small businesses operating in South Africa’s informal economy, which is estimated to be worth R1 trillion. The CEO said that informal businesses often have the same requirements as the formal market. [Daily Investor]
The middle class is struggling: The inaugural Wealth Index Report by digital wealth coach Franc shows that many South Africans earning between R30,000 and R60,000 have no emergency savings despite earning above-average salaries. [BusinessTech]
Ramaphosa snubs Macron: President Cyril Ramaphosa will not attend the Africa Forward Summit hosted by France in Kenya. Diplomats said that there is growing discontent over how individual European nations can call on African leaders at short notice. This also comes after South Africa was uninvited from the G7 conference in June. [Sunday Times]
