The Rand pushed through the psychological 10 Rand per Dollar barrier for the first time in four years during local trade as the South African President unintentionally exacerbated concerns regarding the current unrest in the nation’s mining sector.
At the current exchange rate 1 US Dollar will purchase 10.1455 South African Rand as of 10:25 am GMT
When President Jacob Zuma made a speech to reporters during an impromptu press conference, no doubt his intention was to pacify the concerns of his people. Unfortunately, his words seemed to have the opposite effect.
Zuma, after asserting that South Africa’s economic recovery ‘had not been as strong as it needed’ went on to state: ‘We need faster growth. Without faster growth we cannot succeed in reducing unemployment, poverty and inequality. The government will redouble its efforts to support the economy towards achieving this objective.’
Then, after first condemning illegal strikes Suma noted: ‘Strikes are a normal thing in a democratic country. It is only in undemocratic countries where there are no strikes. I don’t think we should take strikes as a problem because workers in democratic countries are allowed by law, by the constitution, to go on strike.’
Some analysts have argued that by failing to outline a plan which might bring the labour unrest to an end, Zuma effectively pushed the Rand towards its fresh four-year low.
The situation was worsened by Costatu General Secretary Zwelinazima Viva sharing his take on the strike situation. He was quoted as saying: ‘Nineteen years later in a democracy we are becoming the protest headquarters of the world; we call that a ticking bomb about to explode.’
If the situation does indeed explode in the weeks ahead the Rand’s decline is likely to continue.
Current South African (ZAR) Exchange Rates:
< Down > Up
The US Dollar/South African Rand Exchange Rate is currently in the region of: 10.1455 >
The Pound Sterling/South African Rand Exchange Rate is currently in the region of: 15.4931 >
The Euro/South African Rand Exchange Rate is currently in the region of: 13.2688 >
The Australian Dollar/South African Rand Exchange Rate is currently in the region of: 9.7700 >
The New Zealand Dollar/South African Rand Exchange Rate is currently in the region of 7.5766 –
The Canadian Dollar/South African Rand Exchange Rate is currently trading in the region of 9.7447 >
(Correct as of 10:25 am GMT)
Comments are closed.