The Russian imbroglio is just the latest in a long line of negatives that have propelled the rand to a record low; more rate hikes and even slower growth are the inevitable consequences.
The rand’s blowout to a record low of R19.52/$ on the diplomatic clash with the US over alleged secret arms shipments to Russia has forcefully brought home the true depths of South Africa’s economic predicament.
Even before the rand spiked above the R19/$ level late last week, economists were worried that the currency’s weakness and high domestic inflation had increased the odds of further large interest rate hikes — extremely bad news for an economy in which growth has evaporated...
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