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Events surrounding the recent pandemic have had far-reaching ramifications for South African corporates and individuals alike.
July 01, 2020

Impacts of COVID-19 on South African Economy

After finishing 2019 at around ZAR14 to the US dollar, the South African exchange rate experienced a significant fall due to the COVID crisis and March sovereign downgrade from the Moody’s rating agency. By April 2020, the counter was trading over ZAR19 to the US dollar (it’s weakest level ever). 

This represented a sharp increase in the cost of buying hard currency for local South Africans diversifying their investment portfolios into international markets.

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