Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year. randdepreciation exchangerate electricity
Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force are believed to be fueling the rand’s slide.The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.
However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without power.
The debilitating blackouts have since prompted South African president Cyril Ramaphosa to appoint the country’s first minister of electricity. Besides dealing with the crippling power cuts, president Ramaphosa said the new minister, Kgosientsho Ramokgopa, is expected to help facilitate the coordination of entities that are working towards finding a solution.
“The Minister will be expected to facilitate the coordination of the numerous departments and entities involved in the crisis response, work with the Eskom leadership to turn around the performance of existing power stations, and accelerate the procurement of new generation capacity,” president Ramaphosa
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 Honda Civic Type R vs. 2023 Toyota GR Corolla Circuit vs. 2022 VW Golf RThese three teeth-baring four-doors are among the hottest hatchbacks ever, and they represent a sweet spot at the intersection of usable performance, practicality, and pure driving joy.
Read more »
Making Monsters: San Antonio-tied short horror-comedy Dead Enders making debut at SXSW 2023The film is about a woman who encounters a hostile race of mind-controlling parasites during her late-night shift. SanAntonio SATX SanAntonioTX SXSW SXSW2023 Film FilmFestival MidnightShorts
Read more »
South Africa lawmakers pass motion to downgrade embassy in IsraelSeveral civil rights groups have welcomed the move, urging the South African government to swiftly implement the parliament's resolution in solidarity with Palestine.
Read more »
Stellantis Signs MOU To Manufacture Vehicles In South AfricaStellantis has signed a Memorandum of Understanding (MOU) to develop a manufacturing facility in South Africa.
Read more »
South Africa ease to 284-run victory in second test v West IndiesCaptain Temba Bavuma smashed a career-best 172 and Gerald Coetzee and Simon Harmer shared three wickets each as South Africa completed a 284-run victory over West Indies for a clean sweep of the two-match series at The Wanderers on Saturday.
Read more »