Reserve Bank releases Mandela banknote design
The Reserve Bank on Wednesday released the designs of its first commemorative banknote series of democratic South Africa’s founding father, Nelson Mandela. The central bank said it had decided to release the design of the commemorative notes following breaches of the banknotes that cover all denominations – R10, R20,... Read more
Nene appointed to chair New Development Bank
Finance Minister Nhlanhla Nene has been appointed as Chairman of the New Development Bank (NDB) Board of Governors. The Finance Minister’s appointment was made at the third annual meeting of the NDB Board of Governors (BoG) and the 14th meeting of the NDB Board of Directors (BoD) was held... Read more
SA’s financial sector “strong and stable”
South Africa’s financial sector is strong and stable, says Reserve Bank Deputy Governor Francois Groepe. “The South African financial system continues to efficiently facilitate financial intermediation and mitigate negative spillovers and disruptions. Overall, despite some headwinds from a moderate economic growth scenario and some remaining fiscal challenges, the South... Read more
Reserve Bank announces resignation of curator
The Reserve Bank on Friday announced the resignation of the curator of Residual Debt Services Limited. Deputy Governor and Chief Executive Officer of the Prudential Authority, Kuben Naidoo, announced the resignation of Tom Winterboer as the curator of Residual Debt Services Limited (RDS) with effect from 31 March 2018. The Deputy... Read more
Minimum wage bill before Parliamentary Portfolio Committee
The Department of Labour says the National Minimum Wage (NMW) Bill and supporting Basic Conditions of Employment and Labour Relations Bills are currently before the Parliamentary Portfolio Committee on Labour, for consideration. The department is dedicating the month of May (Workers Month) to the National Minimum Wage, which is... Read more
6.6 million workers to benefit from National Minimum wage
More than six million workers are expected to benefit from the National Minimum Wage when it is introduced, says Labour Minister Mildred Oliphant. Speaking during an interview with the Government Communications (GCIS) in Tshwane on Monday, Minister Oliphant said through the Ministerial Sectoral Determinations, there are 4.5 million workers... Read more
SARS to apply normal tax rules to cryptocurrencies
The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies, it said on Friday. The revenue service said it expects affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related... Read more
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net... Read more
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net... Read more
Inflation Expectations Survey: 2018Q1
Inflation expectations for both 2018 and 2019 declined across all social groups relative to the previous quarter. The average for 2018 declined from 5.7% to 5.2% and for 2019 from 5.9% to 5.3%. Inflation is expected to edge up marginally to 5.4% in 2020. Of all the social groups,... Read more