Whats happening to the Rand!!?
The rand took 2 major nosedives over the past 6 months. The first was when Jacob Zuma was elected ANC president. The second was about a week ago when Escom announced they won’t approve the building of any new big structures that need electricity (such as factories, office blocks, etc.) for at least the next six months anywhere in SA. Six months from now, there isn’t expected to be any new power sources added to the Eskom grid yet, so it’s only common sense that it will be still a while before the entire country can build new big structures that needs electricity. One doesn’t need to be a rocket scientist or financial analyst to figure out what impact that will have on national economic growth and foreign investment.
