By Alec Hogg
Much has been written about the US Dollar’s strength, including by some local observers who blame it for the miserable performance of SA’s currency. That’s not accurate. I pulled the last five years’ data and used the percentage change to compare the Rand’s performance against the Dollar, Euro, and Pound.
The image below speaks louder than 1 000 words.
___STEADY_PAYWALL___
Since February 2018, SA’s currency has lost over half its buying power in US Dollar terms. It has also depreciated by a third against the Euro and the post-Brexit Pound. After recovering some of its composure after the shock sustained during 2020’s Pandemic Panic, the Rand has been sliding consistently since the beginning of 2022.
As for the future? Electricity is to be rationed through deliberate power outages until at least the rest of the year. And starting today, for the next week and a half sailors in service to the Young Democracy will participate in a propaganda-soaked joint naval exercise with the Russian and Chinese military. So, go figure.
More for you to read today:
- Russia Has Deployed 97% of Army in Ukraine but Is Struggling to Advance, UK Says. US, allies gather for a second day of talks on boosting supplies to Kyiv. Click here.
- Independence-driven Nicola Sturgeon resigns as Scotland’s first minister after more than eight years in the role. Click here.
- SA wildlife under siege as pangolins and perlemoen are high-demand delicacies for Chinese palates. Click here.
