Rand Tumbles in Wake of Persistent Load Shedding

South Africa's Minister Enoch Godongwana – Medium Term Budget Policy Statement (News Central TV)

The rand plunged to a seven-week low yesterday amid rising concerns about the impact of South Africa’s power crisis on the country’s outlook.

The South African currency plummeted 0.4% to R17.61 against the US dollar around lunchtime, its lowest since mid-December, 2022 as a tangible solution to the energy crisis was still not in sight.

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo/File Photo

Investors are still concerned about the government’s plan to end load shedding as there is still no decision on declaring a national state of disaster on Eskom, following a Cabinet lekgotla.

Last month, the South African Reserve Bank slashed its 2023 growth forecast for South Africa to 0.3% from the previous 1.1%, due to extensive and damaging load shedding.

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