Isaah Mhlanga | Rand's outperformance temporary and a reflection of weak economy

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Isaah Mhlanga, chief economist at Alexander Forbes.
Isaah Mhlanga, chief economist at Alexander Forbes.

The rand’s performance year-to-date has been the third best performer after the UK pound and Canadian dollar, with the Norwegian krone - the fourth best performer - completing the set of major currencies to outperform the US dollar this year so far, says Isaah Mhlanga. 

Despite South Africa’s economic recovery overshadowed by slow Covid-19 vaccination, persistent electricity load shedding, and rising bond yields in the US, the rand is the only major emerging market currency that has appreciated against the US dollar since the beginning of 2021.

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