The world's economy has been hit hard by the Covid-19 pandemic for the last two years, but towards the end of last year, it started to recover - at long last.
South Africans face hiked interest rates and rising inflation.The world's economy has been hit hard by the Covid-19 pandemic for the past two years, but it started to recover towards the end of last year.This sent the financial markets into another tailspin, but the rand remains surprisingly strong.
Inflation rates are rising, interest rates are going up, unemployment is at a record high, yet the rand is stronger than ever. She says it's unrelated to Russia and Ukraine, but it has had the effect"of giving a lot of support to our country's finances". A lot of dollars are coming into the country when we sell minerals, which is keeping the rand strong.Paton says, in a crisis,"in any emerging markets like ourselves, the currency really gets hit and that hasn't happened this time".