Plans to extend driving licence validity period, and the SOE costing South Africa R1 billion a day

The rand remained steady on Wednesday as investors assessed the fragile ceasefire between Israel and Iran, which provided some relief to the jittery markets.

The rand was trading at 17.78 against the dollar, just shy of Tuesday’s closing price. The dollar was also little changed against a basket of currencies as markets awaited U.S. gross domestic product and jobs data.

Today, domestic investors are focusing on the producer price index data and the South African Reserve Bank’s quarterly bulletin, which will provide insights into foreign direct investment flows in Africa’s most industrialised economy.

On Thursday, 26 June, the rand was trading at R17.71 to the dollar, R24.25 to the pound and R20.68 to the euro. Oil was trading slightly lower at $67.94 a barrel.

Here are five other important things happening in and affecting South Africa today:

Driving licence validity period extention: South Africa’s Department of Transport (DoT) wants to extend the validity of driving licence cards from five to eight years. The department plans to submit this proposal to Parliament for approval by the fourth quarter of the 2025/26 financial year. [MyBroadband]

The SOE costing the economy billions: Transnet is experiencing a financial crisis and operational issues, costing the country billions annually. In the latest PSG Think Big series, Transport Minister Barbara Creecy highlighted the severe impact of Transnet’s logistics crisis on South Africa’s economy, estimating costs at around R1 billion per day. [Daily Investor]

Ramaphosa’s message to Starlink: President Cyril Ramaphosa defended the country’s transformation laws amid the controversy regarding the Starlink deal, emphasising that South Africa is not alone in requiring international companies to transfer ownership to local stakeholders. [EWN]

Administrative nightmare for government: A Treasury study found that department heads must produce 216 reports annually, including 43 HR and 73 finance reports. Minister Enoch Godongwana said that this workload requires a report every day when taking holidays and weekends into account, highlighting the need for regulatory changes to allow better management of departments. [News24]

Hammanskraal still waiting for water: Residents of Hammanskraal are still without access to promised clean water, leading to frustration and anxiety. Community members accuse the City of Tshwane of shifting blame and delaying solutions while ignoring the effects of crisis on residents. [Times Live]