The economist said the Reserve Bank has successfully brought inflation within its target range, and with global pressures, particularly from the US, starting to ease, the path for a rate cut seems clear.
The ZAR has broken through the R17.60 mark against the dollar to reach its best levels since July 2023. To place this into context, the rand was trading at around R19.30 in February 2024.Against the euro, the rand was trading at around R19.55 and R23.19 to the pound.
He also acknowledged that the rand has been buoyed by the possibility of a US interest rate cut by the Federal Reserve.The SARB is expected to make its decision on an interest rate cut this Thursday. The repo rate is currently at a 14-year high of 8.25%, while the prime lending rate is 11.75%.
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