South Africa’s currency has a long and winding road throughout 2023, says PwC.
South Africa’s rand will be increasingly hard to predict this coming year, says financial services company PwC.
“This volatility was especially evident at the start of December when uncertainty over the political fate of President Cyril Ramaphosa caused a flurry of trades in South African assets,” said PwC. Unforeseen factors such as the global conflict between Russia and Ukraine, its knock-on effects and the global energy crisis all affected markets worldwide, with emerging markets being most adversely impacted.
Within the domestic context, PwC said that local policy developments, or the lack thereof, could be a key driver of rand movements – similar to what has been seen historically.
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