Social unrest warning for Cape Town, and Vodacom scam alart

The South African rand was little changed early on Tuesday ahead of the release of local gross domestic product (GDP) figures, as investors prepared for the impact of US President Donald Trump’s tariffs.

The rand was trading at 18.64 against the US dollar, approximately 0.3% weaker than its previous close.

The dollar was also trading slightly lower against a basket of currencies.

Andre Cilliers, a currency strategist at TreasuryONE, noted that a stronger GDP print could support the rand, but budget concerns remain a risk factor.

On Wednesday (5 March), the rand was trading at R18.48 to the dollar, R23.63 to the pound and R19.62 to the euro. Oil is trading lower at $70.73 a barrel.

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

Social unrest warning: A large group of taxi drivers held a picket at the Cape Town taxi rank on Tuesday, using minibus taxis to block the entrance to roads and the station deck. The demonstration comes after videos were circulated about the city’s police aggressively handling taxi drivers on the N2. The South African National Taxi Council (SANTACO) has called for restraint from taxi drivers in Cape Town following the protest. [EWN]

Vodacom scam: Vodacom has warned about scammers posing as Vodacom Rewards and attempting to phish sensitive information from the mobile operator’s customers. While the mobile operator runs promotions through its Vodapay app, it will never ask customers for payment to secure their prize. [MyBroadband]

Proposed medical aid rule changes: Discovery CEO Adrian Gore suggested that the regulations allowing medical aid members to freely opt-in or out of schemes without facing significant penalties need to be revised. He argued that the current rules contribute to rising medical inflation in the sector. [News24]

No Budget agreement: On Monday (3 March), the cabinet said it had agreed to address the R60 billion shortfall in Finance Minister Enoch Godongwana’s 2025 budget. However, on Tuesday (4 March), DA leader John Steenhuisen insisted there is no agreement yet on the budget between the main government of national unity (GNU) partners. [Moneyweb]

Official petrol price for March: The Department of Petroleum and Mineral Resources has published the official fuel price adjustments that will take effect today (5 March). February started with fuel recoveries tilted heavily towards increases, but the global price of oil and the rand eventually stabilised and pushed in the other direction. This has translated to a small price cut at the pumps. [BusinessTech]