Current account surplus based to a surge in commodity prices is behind the bullish outlook
The rand’s recent weakness in the face of an international energy crunch and prospects for tighter policy globally has not been enough to deter BNP Paribas’ short-term bullish bet on the currency, though the French bank expects the factors driving that strength to wane into 2022.
SA’s currency will probably strengthen as much as 4% from last week’s level to about R14.25/$ by year end, supported by the country’s healthy current account, Jeff Schultz, senior economist at the French bank’s local branch, wrote in a research note late last week...
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