Salaries in certain secors in the UK are far higher than they are in South Africa.
It should be noted that the rand has recently hit an all-time low – well above R24/£. This follows continued load shedding and possible fallout between South Africa and the West regarding allegations that South Africa supplied weapons to Russia.
The best way to see this is to use the Big Mac Index, which measures the real value of currencies via two methods – a direct measure of purchasing-power-parity and an adjusted index that account for local GDP data. However, the difference between that number and the actual exchange rate, 0.81, hints that the Pound is 12.9% undervalued against the US dollar.
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