South African municipalities owe Eskom Holdings SOC Ltd. a total of 82.3 billion rand ($4.5 billion) in arrears, which the embattled state power utility is struggling to collect, Bloomberg News reported. Eskom supplies electricity to the municipalities, which in turn sell it on to households and businesses — and both have seen a rapid rise in outstanding debts.

South Africa is getting closer to publishing long-awaited changes to its financial rules and has earmarked over-the-counter derivatives for greater scrutiny, alongside unlisted financial market activity, Bloomberg News reported. Regulators have been undertaking a financial market review for several years and “are at the point where we are able to put through some of those recommendations,” said Financial Sector Conduct Authority Executive Director Olano Makhubela.

South Africa’s central bank kept interest rates on hold in a split decision, with two of the six policymakers favoring a cut which could signal a shift toward easing as soon as September, Bloomberg News reported. The monetary policy committee left its benchmark interest rate unchanged at a 15-year high of 8.25% for a seventh consecutive meeting, Governor Lesetja Kganyago said in a virtual press conference Thursday. He said the two MPC officials who favored a cut wanted to lower rates by 25 basis points while the other four wanted to keep rates on hold.

The African Development Bank said Thursday it had approved a $1 billion loan to South Africa's state-owned rail and ports company, Transnet, the Associated Press reported. The 25-year loan was wholly guaranteed by the South African government and will help finance the first phase of a $8.1 billion investment plan for Transnet to improve the country's ailing rail and port infrastructure, the bank said.

South Africa's largest cryptocurrency exchange VALR has secured a licence in Poland and eyeing other jurisdictions across the globe, in hopes to take on some of world's crypto giants, its CEO told Reuters. VALR is one of 75 crypto asset service providers that were recently granted licences this year by the Financial Sector Conduct Authority (FSCA) to operate in South Africa, a key step in making crypto a mainstream investment option and creating a regulated environment for users.

South Africa is seeking potential minority investors and access to capital markets and loan financing for South African Airways for more rapid expansion, following the collapse of a previous equity deal, the national flag carrier’s interim Chairman Derek Hanekom said on local broadcaster eNCA, Bloomberg News reported. The airline had to revise its expansion plans after talks were scrapped and has now delayed opening more international routes to London, Frankfurt and North America, Hanekom said.

South Africa’s economy escaped a technical recession in the fourth quarter as fewer rotational power cuts helped energy-intensive industries including mining rebound, Bloomberg News reported. Gross domestic product expanded 0.1% in the three months through December, compared with a contraction of 0.2% in the prior quarter, Statistics South Africa said in a report released in the capital, Pretoria, on Tuesday. The South African currency traded 0.2% stronger at 19.0087 per US dollar as of 12:25 p.m. In Johannesburg.

South African Reserve Bank Governor Lesetja Kganyago said there would be no interest-rate cuts until inflation is brought under control, remaining resolute despite calls for him to do so ahead of national elections, Bloomberg News reported. “Rates are where they are because inflation is what it is,” Kganyago said in an interview with Bloomberg in Sao Paulo on Wednesday on the sidelines of a Group of 20 meeting of finance chiefs and central bank governors. “The task of taming inflation is not yet done.

Pepkor Holdings Ltd., Africa’s largest clothing retailer, is exploring a potential takeover of South African rival Edgars, Bloomberg News reported. The owner of chains including Pep, Ackermans and Tekkie Town is considering paying as much as 2.4 billion rand ($126 million) for the 94-year-old brand, which three years ago was bought out of business rescue by retail holding company Retailability Pty Ltd., the people said. Talks could yet fall apart and another buyer may emerge, they said.

Late Bosasa chief executive Gavin Watson’s nephew has reported the master’s office in Johannesburg to the Special Investigating Unit (SIU) over unlawful approval of Bosasa liquidation, the Sunday Tribune South Africa reported. Jared Watson said that this was because the office wanted to sell the assets cheaply.