The rand declined against a stronger dollar on Friday as traders considered the release of monthly economic data from the central bank, the revenue authority, and the National Treasury.
The rand traded at 15.9850 to the dollar, roughly 1.5% lower than Thursday’s closing figure.
Meanwhile, the dollar increased by 0.5% against a basket of currencies, and gold fell by over 4% following US President Donald Trump’s selection of a new Federal Reserve chair.
Trump chose former Fed Governor Kevin Warsh to succeed Jerome Powell when his term ends in May.
Like other risk-sensitive currencies, the rand often responds to global factors like US policy, along with local developments.
Data from the South African Reserve Bank indicated that M3 money supply growth in December was 8.16%, slightly down from 8.26% in November.
Private sector credit growth for December was 8.74%, notably higher than November’s 7.79% and the 7.60% forecasted in a Reuters poll.
The National Treasury released budget data showing South Africa achieved a budget surplus of 38.44 billion rand ($2.40 billion) in December.
Additionally, South Africa’s revenue service announced a trade surplus of 23.18 billion rand in December, slightly below the expected 24.10 billion rand.
On the Johannesburg Stock Exchange, the Top-40 index closed down 4.1%.
As of Monday, February 2, the rand is trading at R16.27 to the dollar, R22.25 to the pound, and R19.29 to the euro. Gold is currently valued at $4,639.13 per ounce, while oil prices have risen to $65.96 per barrel.
Eskom calls urgent meeting: Eskom has summoned an urgent creditors’ meeting to review its unbundling plan, which local lenders argue is less ambitious than what was initially promised. Eskom’s CEO, Dan Morokane, explained that his hesitance to accelerate the process is to prevent cross-defaults on Eskom’s R400 billion debt. Local lenders, however, state they were not involved in the decision and believe Eskom’s current approach will not foster a fair or competitive electricity market. [News24]
Good news for people with DStv: Canal+ Africa CEO David Mignot says the company currently has no plans to increase subscription fees for DStv packages. Groupe Canal+ recently updated investors and the media on its plans for MultiChoice after taking control of the company in September 2025. “We don’t have any price increase planned at this moment,” the Sunday Times quoted Mignot as saying in response to a question about Canal+ Africa’s plans to adjust pricing. [MyBroadband]
Minister getting sued: Agricultural interest groups, including Sakeliga, are suing the Minister of Agriculture, John Steenhuisen, over his failure to justify the ban on private Foot and Mouth vaccinations. They aim to have the court overturn Steenhuisen’s “unlawful prohibition” and seek further relief. [Newsday]
Ninety One acquires Sanlam Investment Management: Ninety One announced that its acquisition of Sanlam Investment Management (SIM) in South Africa, along with the start of a long-term strategic partnership with Sanlam, is expected to be completed today, Monday, 2 February 2026. In a statement released on Friday, the dual-listed asset manager said the deal involves Ninety One Limited purchasing all shares in Sanlam Investment Management Proprietary Limited and establishing an initial 15-year strategic relationship with the Sanlam Group. [Moneyweb]
New crypto-friendly payments provider: Ozow has become the newest payments provider in South Africa to support cryptocurrency payments, reflecting the increasing mainstream adoption of blockchain technology. Ozow’s payment platform, trusted by companies like DStv, Zando, NetFlorist, HiFi Corp, Takealot, TFG, and Dis-Chem, allows users to complete online transactions through a mobile browser or desktop without a credit card. [Businessday]
