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Vol. I · No. 34Johannesburg · Saturday 22 August 2026New articles on Tuesdays

The Khula Ledger

The market, plainly read. Markets and funds, written by the Khula team and reviewed before publication.

LatestCurrency18 August 20267 min read

The rand after the August MPC

The Reserve Bank held the repo rate and the rand barely moved. That calm is useful. We look at what importers can do with it before the December order book closes.

The Monetary Policy Committee delivered precisely what the forward market had priced: nothing. The rand's answer — a range of barely twenty cents across the week — is the quietest stretch since the hiking cycle ended, and for importers holding December order books it is an invitation. Calm has a price too, and it can be bought while it lasts.

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Wealth28 July 20266 min

Two-pot withdrawals are slowing. That is good news.

Withdrawal volumes have halved since March. What the slowdown says about household balance sheets.

Currency21 July 20268 min

Hedging when the rand moves fifty cents in a week

Volatility is not a reason to stop hedging. It is a reason to change the instrument.

Wealth14 July 20269 min

Offshore allocation in 2026: picking the right number

The regulatory ceiling is 45 percent. The right number for you is almost certainly lower.

Every article is researched by the Khula team and reviewed before it is published. Subscribers receive each edition on the day it appears.

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Market & Fund Updates

Articles take the long view. Updates keep the score — short, on a fixed schedule, written to be read in minutes.

Weekly market wrapThe rand, the JSE and the data that moved them.Week of 17 August 2026Monthly fund updatePerformance and positioning across the funds we follow.July 2026Rates noteThe MPC decision and what the forward curve now prices.August 2026