October 25, 2024.

For Creamer Media in Johannesburg, I’m Halima Frost.

Making headlines:

South African reforms could push rand higher, central bank chief says

DA calls for shared policing functions

And, Zimbabwe inflation surges after currency devaluation

South African reforms could push rand higher, central bank chief says

South Africa's rand has further room to strengthen if the government in Pretoria pushes ahead with reforms and prudent policies, the country's central bank chief Lesetja Kganyago says.

The currency of Africa's most industrialised nation has been a top emerging market performer, strengthening some 2.5% against the US dollar since the start of the year while most of the rand's peers have suffered losses against the greenback.

He says there should be positive momentum but said it won't only be driven by the markets.

He says government needs to continue to act with resolve and stay the path in terms of prudent policies and structural reforms going forward, adding that momentum for reforms would not just bolster the currency but could also support the country's bonds and stocks.

South Africa's National Treasury announced a number of reforms in the energy, freight, water, and telecommunications sectors, and has pledged to reduce spending and raise revenue as well as take further steps to lower borrowing over the medium-term period.

DA calls for shared policing functions

Democratic Alliance police spokesperson Ian Cameron has called for policing functions to be shared between national, provincial, and local authorities, to allow the South African Police Services to more efficiently allocate its resources and focus on national concerns.

Cameron said he is deeply appalled by the "senseless" killings that have gripped Western cape communities in Athlone Bishop Lavis and Mamre over the last two days, where seventeen people lost their lives, in what he called a disturbing wave of violence. 

He said a shared policing approach would empower well-equipped local authorities to deliver region-specific policing solutions. It would also improve response time to investigations and address endemic issues, such as gang violence, he believes.

Cameron noted that until the Saps crime intelligence functions at full capacity, the country will continue to witness the tragic loss of life in society. 

Zimbabwe inflation surges after currency devaluation

Zimbabwe's consumer inflation surged to 37.2% month on month in October in local currency terms, data showed today, after a sharp devaluation in the southern African country's currency.

Zimbabwe's central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the US dollar. The currency has since fallen further, to 27.6880 to the dollar as of Friday, according to the central bank's website.

In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.

The ZiG, which stands for Zimbabwe Gold, is Zimbabwe's sixth attempt at a stable currency in 15 years after a bout of hyperinflation under leader Robert Mugabe. It was launched in April.

That’s a roundup of news making headlines today

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