Government costs one group of South Africans R1.5 billion, and Julius Malema is in hot water
The rand strengthened after US President Donald Trump cancelled planned strikes on Iran, suggesting that a peace deal could be signed over the weekend.
This development could open the Strait of Hormuz to shipping, though Reuters reports that some analysts remain sceptical.
Iran has yet to approve any agreement, and Israel was not involved in the memorandum of understanding.
Iran’s semi-official news agency, Mehr, stated on Friday that the memorandum, which includes US commitments to lift sanctions and its naval blockade, “requires finalisation by the relevant authorities.”
Economists believe the rand could strengthen to R16.15 per dollar on Friday, with a possible range extending up to R16.45.
“Time will tell, but if the U.S. version of events is accurate, we expect JD Vance to travel to the Middle East as soon as this weekend. However, we have heard similar claims before,” said Nedbank.
Earlier this week, Trump threatened to confiscate Iran’s strategically significant Kharg Island.
The combination of lower oil prices and a stronger rand could contribute to anticipated cuts in diesel and petrol prices in July. Additionally, lower fuel prices may help to reduce inflation moving forward.
On Saturday, 13 June 2026, the rand was trading at R16.31 to the dollar, R21.85 to the pound, and R18.83 to the euro. Gold is trading lower at $4,210.90 an ounce, while oil prices were at $87.33 a barrel.
5 important things happening
Government costs one group R1.5 billion: South African Lamb exporters lost R1.5 billion due to government delays in health certifications, according to the Association of Meat Importers and Exporters. [News24]
Malema in hot water: EFF leader Julius Malema faces numerous challenges, including a potential jail sentence and accusations of getting financial support from controversial figures. [Newsday]
New coins launching in South Africa: The South African Reserve Bank (SARB) has gazetted the specifications and designs of new commemorative R2 and R5 coins, which will become legal tender on 16 June 2026. [BusinessTech]
Tide is turning for South Africa: South Africa’s recent credit-rating upgrades are a strong endorsement of government policy and show the nation can restore its coveted investment-grade status if it stays on track, said the National Treasury chief. [Daily Investor]
South Africa’s lights could be switched off from anywhere in the world: Cybersecurity firm Fortinet has raised the alarm over mounting cyber threats to South Africa’s physical infrastructure, particularly electrical infrastructure. Fortinet business development manager for Africa, Martin Fernandes, said the national grid had reached a level of stability that was worthy of praise. However, he explained that the new, more complex electricity ecosystem could be exposed to mounting cybersecurity threats. [MyBroadband]
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