The South African currency, the Rand, has reached its lowest level since September 2018. The state’s debt burden, Eskom’s inability and negative comments from potential downgrading agencies, are cited as reasons for the poor performance.
Standard Bank’s Warrick Butler stated that the Rand is currently the poorest performer of all payment instruments worldwide. The Rand closed at R18.48 on Monday against the British pound. Reasons such as land expropriation and fraud and corruption by politicians, as well as internal fights in the ANC are silenced as possible reasons for the Rand’s performance.
Financial analysts say the battle between the Public Protector and the ANC president generously contributes to the further development of mistrust in South Africa as an investment opportunity.