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South Africa is implementing measures to revive the economy after rating agency Moodys downgraded the countrys credit rating. On the positive side, the ratings agency revised the countrys credit outlook from negative to stable, reflecting governments commitment to fiscal discipline.
Brazil, Russia, India, China and South Africa - the BRICS grouping of influential developing countries - have signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other.
International credit ratings agency Fitch Ratings has revised South Africa's outlook from negative to stable, citing improved economic growth prospects, increased spending in key areas by companies like Eskom and Transnet, and a narrowing current account deficit.
Motorists in South Africa will now be able pay for fuel with their credit cards. Filling stations that cannot handle credit card payments have been urged to put up prominent notices to this effect.
The National Credit Regulator has spent the last four months educating consumers, lenders and court officials about the new National Credit Act, as it is vital for successful implementation thereof, members of Parliament have heard.
South Africa's Industrial Development Corporation has partnered with the European Union to launch a R450-million credit facility for emerging small businesses in the country.
Human rights organisation Black Sash wants the government to remove a section of the proposed National Credit Act that makes it possible for consumers to get a loan without any credit assessment, saying it will expose the poor to abuse by unscrupulous lenders.