Those South Africans in debt are set to face further pain in a fortnight with interest rates expected to be hiked.
The new notes that were unveiled by the SARB last week are now in circulation – and some South Africans already have them in their wallets.
Experts confirmed that the ‘mistake’ on the new R100 note was correct, and the spelling on the old note was wrong.
The new R100 banknote that was unveiled by the South African Reserve Bank last Wednesday reportedly contains an embarrassing spelling error.
LOOK: South African Reserve Bank (SARB) has officially launched South Africa’s latest banknotes and coins with enhanced security features.
Social media users took jabs at South Africa’s new banknotes and coins which were unveiled on Wednesday, 3 May by the SARB.
The South African Reserve Bank has unveiled the country’s upgraded coins and banknotes together with the Nelson Mandela Foundation.
The new banknotes will include a mini South African flag, the preamble to the Constitution in micro-lettering, and depictions of the Big 5 as a family.
National Treasury on Tuesday gazetted the design specifications for South Africa’s new coins, which will enter circulation later in 2023.
Traders raised bets that the SARB will continue its interest-rate hiking cycle next month after inflation unexpectedly quickened in March.
The EFF has labelled SARB’s Monetary Policy Committee’s decision to hike interest rates by 50 basis points ‘nonsensical’.
South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to hike interest rates in the country by 50 basis points on Thursday.
Economists and analysts believe South Africans should brace themselves for yet another interest rate hike on Thursday, 30 March.
Economists and analysts believe South Africans should brace themselves for yet another interest rate hike later this week.
SAFTU General Secretary Zwelinzima Vavi said interest rate hikes contribute to worsening living standards and increased unemployment.
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) will announce a decision on interest rates on Thursday, 26 January.
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) will meet this week to announce a decision on interest rates.
There’s more bad news for South Africans in debt with confirmation of a likely South African Reserve Bank (SARB) rate hike later in January.
The Reserve Bank’s Monetary Policy Committee has lifted the repurchase rate from 5.5% to 6.25% in a further blow to South Africans in debt.
South Africa’s central bank is expected to fully unwind its pandemic-era stimulus measures when it raises interest rates on Thursday.
The rand is taking a pounding in morning trade on Wednesday, 21 September as it drifted towards R18.00 to the dollar.
The recent economic data coming out of South Africa signalled continued signs of positive economic activity, with November’s retail sales growth reported at 3.3% (year-on-year).
In light of recent developments on the sides of both the South Africa Revenue Service (“SARS”) and the South African Reserve Bank (“SARB”), the regulatory burden for the cross-border flow of funds, resulting from transactions concluded between South African residents and foreign parties, has been significantly eased.
Only 500 commemorative R10 coins have been produced before – but one SARB official believes ‘it makes financial sense’ to bring more into circulation.
The SARB and National Treasury says that Tokyo Sexwale and his unknown sponsor must provide evidence of funds allegedly deposited.