fbpx

Rand regains its shine

We previously told you that our national wallet got a boost thanks to a commodities boom, giving the economy a temporary lift. Now we’re also happily seeing the Rand basking in some glory.🌞 Last month, economists said the local currency had become the world’s best performing emerging market currency – also thanks to the commodities boom. The Rand competes with other emerging market currencies like the Brazilian Real and Turkish Lira; their performance is usually determined by both local and international events, so they fluctuate, literally by the second. When the Rand is on stronger footing, it becomes more desirable for international investors, giving us more “buying power”. 💪🏽 This week, economists have said the Rand is continuing its winning streak, reaching its strongest level in a month, hovering around the R14/dollar mark. If all goes well (including elections), we’ll likely see the Rand retain its shine.  

This article appeared as part of The Wrap, 21 October 2021. Sign up to receive our weekly updates.