The South African rand weakened on Friday, trading at 15.9650 against the U.S. Dollar, a decline of approximately 0.3% from the previous day’s close, as investors reacted to a mixed bag of economic data released at month-end. The data originated from the South African Reserve Bank, the South African Revenue Service, and the National Treasury.
The Reserve Bank reported that M3 money supply growth in January slowed to 7.44%, down from 8.16% in December. Simultaneously, private sector credit extension rose to 8.83% in January, exceeding December’s 8.74% and slightly surpassing the 8.84% forecast in a Reuters poll.
Trade figures released by the South African Revenue Service revealed a trade surplus of R9.31 billion ($584.73 million) for January, significantly higher than the R4.45 billion surplus anticipated by analysts surveyed by Reuters. However, the National Treasury’s data indicated a budget deficit of R69.69 billion ($4.38 billion) for the same month.
On the Johannesburg Stock Exchange, the Top-40 index gained 1.3%. South Africa’s benchmark 2035 government bond experienced a slight weakening, with its yield increasing by 1.1 basis points to 7.995%.
TreasuryONE currency strategist Wichard Cilliers cautioned that while sentiment towards local assets remains positive, the sustainability of recent gains could be challenged by fluctuations in commodity prices, shifts in global risk appetite, or developments in domestic politics.
As of Saturday, February 28, 2026, the rand was trading at R15.93 to the dollar, R21.48 to the pound, and R18.80 to the euro. Gold was valued at $5,278.01 per ounce, and oil prices stood at $73.19 per barrel.
Elsewhere in South Africa, Eskom, the state-owned electricity utility, agreed to reduce electricity prices for ferrochrome producers, Samancor Chrome and Glencore-Merafe, by 29% to avert potential job losses and the commencement of retrenchment talks. The new tariff is set at 62 cents per kWh, substantially lower than rates paid by residential consumers.
The Gautrain Management Agency announced a six-month extension to the operating concession of Bombela Operating Company, the current operator of the Gautrain rapid rail network, due to delays in finalizing the selection of a new concessionaire. The original concession was scheduled to expire in March.
Northam Platinum reported a profit of R7.9 billion for its latest interim results, a more than 3,000% increase compared to the same period last year, driven by elevated platinum prices.
Within the Democratic Alliance (DA), Gauteng provincial leader Solly Msimanga announced his candidacy for the position of DA federal chairperson, seeking to replace Ivan Meyer. Cape Town Mayor Geordin Hill-Lewis also declared his intention to contest the position of DA federal leader, challenging incumbent John Steenhuisen.
Media24 announced plans to close City Press, its Sunday newspaper, citing challenges in transitioning from print to digital media. The company stated it would attempt to minimize job losses among the approximately two dozen employees working at the publication.
