Ouch! R20 buys you £1 only.
All this means is that less South Africans will be traveling to our wonderful land.
It should mean cheaper holidays to South Africa, if only the airlines would play ball and drop their prices.
I have only seen the rand to the pound in the twenties once before and it fortunately recovered to 11 to 1. What are the chances it will happen again?
Begs the question, what is going on in South Africa? Why is the rand weakening so much?
China is the answer. South Africa has a huge export exposure to China and there are concerns that China may be unable to afford South African products.
The rand exchange rate complex is under pressure after China devalued its currency for the second day in a row.
“The multi-day rand outlook is now dependent on the yuan. The more the yuan falls, the more the rand will fall. The more volatile the yuan, the more volatile the rand. The faster the market gets some clarity on what the Chinese authorities intend, the faster the rand will stabilise,” says Chris Cairns at Rand Merchant Bank.
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We are Mike and Jo Bowen. Originally from South Africa, we now live & work in the United Kingdom. Mike is the blogger, beer drinker, gadget man, reviewer and Jo is the proofreader, wine drinker, cat lady, sanity checker and “don’t you dare put that on lookatbowen.com“. Together we travel the world and have fun wherever possible. If you are new to this website and want to know more about us, check out the the longer version.
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