You won’t like the Post Office fix, and new rules for crypto in South Africa

The rand recovered some of its losses against a weaker dollar early Thursday, following news that Washington plans to initiate talks to end the Russia-Ukraine war.

The rand was trading at 18.46 against the dollar, approximately 0.4% stronger than its previous closing value.

U.S. President Donald Trump announced late Wednesday that Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace during separate phone calls with him.

This announcement overshadowed higher-than-expected U.S. consumer prices for January and contributed to a decline in the dollar’s value.

On Thursday (13 February), the rand strengthened slightly, trading at R18.48 to the dollar, R23.21 to the pound and R19.33 to the euro. Oil is trading lower at $75.12 a barrel.

Here are five other news stories making waves in South Africa today:

The Post Office fix: The Department of Communications and Digital Technology (DCDT) requests R150 million to be reallocated from its connectivity program for rural and underserved areas to provide financial aid to the struggling South African Post Office (SAPO) as a short-term solution for its continued operation. [News24]

New crypto rules: A new “Travel Rule” from the Financial Intelligence Centre (FIC), effective from 30 April 2025, requires crypto asset service providers (CASPs) to collect and share client information for crypto transfers exceeding R5,000. [Moneyweb]

Joburg Water Trouble: Some political parties believe Joburg Water needs fresh leaders, claiming the current cohort isn’t cutting it. Large parts of the city have been without water for nearly two days now due to an increase in demand. [EWN]

Ramaphosa responds to Solidarity and AfriForum: Ramaphosa urged South Africans to refrain from quickly turning to foreign nations to address issues that could be resolved right within their borders. His comments seemed directed at a right-wing group’s intention to head to the US. [The Presidency]

Finance Minister prepares:  The clock is ticking for Finance Minister Enoch Godongwana as he prepares to deliver his budget speech to the nation next Wednesday. Some of the areas of concern to watch out for next week are the country’s progress in tackling its debt, tax revenue, and budget allocations to contentious areas such as the public wage bill and possible bailouts for SOEs. [eNCA]