South African Rand Falls – What Will Be in the Future?
Riots and stringent COVID-19 regulations caused significant damage to the South African economy at the start of the third quarter, according to new data released on Wednesday.
More than 300 people were killed and hundreds of businesses were robbed as some of the worst violence seen in South Africa since the end of apartheid erupted shortly after the arrest of former president Jacob Zuma in July.
According to Capital Economics, the retail sales statistics, along with weak July manufacturing data released last week, increase the possibility that the economy could shrink during the third quarter as a whole, putting the recovery from the coronavirus epidemic on shaky ground.
With this background in mind, the central bank is unlikely to be in a hurry to follow the lead of its counte...