Rand's Decoupling from Emerging Market indes a worrying sign
Thursday, 25 October 2012
Since the dawn of democracy, the South African
currency's value has correlated with the emerging market index, the result of
its status the currency of reference across emerging markets.
"It seems
now like the market is starting to think that South Africa's internal challenges
are compromising the rand's role as the 'dollar of emerging markets'," says
Peter Armitage, CEO of Anchor Capital. Armitage was updating members of the
Institute of Directors in Southern Africa (IoDSA) on the country's economic
outlook. "South Africa is suffering a crisis of confidence."
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