The rand slumped on Monday as investor concerns mounted over a power crisis that prompted President Cyril Ramaphosa to cancel a trip to Davos.
Eskom and trade unions cited progress in talks to end a strike that has caused South Africa’s worst power cuts in more than two years.
The rand, which managed to avoid a major blowout following riots in two of South Africa’s key provinces in July, finally gave way and weakened below the psychological R15 to the US dollar level on Thursday.
South African Reserve Bank (Sarb) governor Lesetja Kganyago announced on Thursday that the Bank’s monetary policy committee has decided to leave the interest rate unchanged. This means the repo rate, which is the interest rate at which
The rand has broken the R15/US$ ceiling on Wednesday after US Fed chair Janet Yellen surprised on Tuesday night with dovish comments, depreciating the dollar against most currencies. “A need for caution is all it took from Janet Yellen in a speech
Any expectations of a respite for the rand after last week’s beating were given a final nail in the coffin when President Jacob Zuma stated that the turmoil regarding Nenegate was not all that serious, and that markets did not understand what he was trying to do
Local and international markets have reacted aggressively to the axing of the “capable finance minister” Nhlanhla Nene, according to TreasuryOne. International markets have displayed their