News 17:00

BULLETIN 20 March 5 pm

Good afternoon. I am……..

In this bulletin:

# The repo rate remains unchanged
# South Africa reviews import tariffs amid the threat of steel mill closures
# And motorsport: Mercedes’ George Russel believes McLaren should win every race this year

# The Reserve Bank’s monetary policy committee has decided to keep the repo rate unchanged at 7.5-percent, maintaining the prime lending rate at eleven-percent. Governor Lesetja Kganyago told the media the decision was due to economic uncertainty and inflation risks. He says while inflation remains within the target range, global and local challenges continue to pose risks to stability:

# South Africa is reviewing import tariffs on steel following the threat of ArcelorMittal South Africa closing two mills vital to local industries. The Trade, Industry and Competition Department has sought public comment on raising tariffs and reducing costs of raw materials like iron ore and coking coal. The government is in talks with ArcelorMittal, which cites cheap imported steel, particularly from China, as a key challenge. Proposed measures include import surveillance and permit requirements for certain steel grades.

# Road Accident Fund CEO Collins Letsoalo says a technical solution is needed to address concerns raised by the Auditor-General over accounting standards. The RAF received a disclaimer audit opinion in 2020/21 after using International Public Sector Accounting Standards, which the AG deemed inappropriate. Letsoalo emphasises to Newzroom Afrika the need for a revised approach to ensure compliance and improve the fund’s financial accountability:

# The DA in the Western Cape is urging the social security agency Sassa and the Post Bank to strengthen their collaboration and ensure that millions of South Africans can receive their grants without delay or disruption. Today is the deadline for social grant beneficiaries to switch from the gold card to the Post Bank’s new black card. The DA’s Wendy Kaizer-Philander says the reality of many beneficiaries not receiving their grants next month is becoming a real concern for many vulnerable citizens:

# Motorsport: George Russell believes McLaren have a bigger performance advantage than Red Bull enjoyed in 2023, a season in which they won all but one race. The Mercedes driver, who was third in the first race of the season in Melbourne last weekend, says McLaren is capable of winning all 24 races in 2025 and leaving Mercedes, Red Bull and Ferrari in their wake. McLaren’s Lando Norris won the season-opener, with Red Bull’s world champion, Max Verstappen, second.

# And the financial indicators: The dollar trades at 18-rand-18-cents and the euro at 19-rand-71-cents. One British pound costs 23-rand-55-cents and Bitcoin trades at 85-thousand-266-dollars. Gold sells at three-thousand-and-32-dollars-71-cents a fine ounce and Brent crude oil is quoted at 70-dollars-37-cents a barrel.

Stay tuned for more news………….