Rand Report: Rand stable despite global turmoil
Last week, the South African rand (ZAR) stayed stable, fluctuating between R23.75 and R23.95 against the British Pound. More in the following report.
Last week, the South African rand (ZAR) stayed stable, fluctuating between R23.75 and R23.95 against the British Pound. More in the following report.
The Rand’s strength was fueled by rising gold prices, a weaker US Dollar, and slight improvements in the South African economy.
This week, the South African Rand sharply declined against major currencies due to negative market reactions following the national budget.
The Rand exhibited resilience by surpassing R19.05 against the US Dollar (USD) and exceeding R24 against the British Pound (GBP).
The South African Rand depreciated more against a majority of currencies, including those from both emerging and developed nations.
The South African Rand has fluctuated around 3% since last Tuesday, currently resting at R18.85 against the US Dollar.
The Rand ended December 2023 on a relatively positive note, concluding at R18.28 against the US Dollar and R23.29 against the British Pound.
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As a South African tax resident, SARS taxes your global assets, but as a non-resident, only South African-sourced assets are taxed.
The rand continues its woeful performance against almost all traded currencies and has continued to be a standout underperformer.
The rand has been the black sheep of the emerging-market currencies – plagued by load-shedding and troubles with state-owned enterprises.
National Treasury announced significant relaxation of exchange controls in the national budget in February this year, but according to Sable Forex MD, Andy Rissik, the paperwork demands are still an obstacle to moving money in or out of South Africa.