As we approach the end of February, growing risk aversion in global financial markets to weaker emerging market assets, including SA’s portfolio (equities and bonds) assets, is contributing to rand weakness.

As the electricity crisis worsened, leading to the announcement in the second half of January that load-shedding would be permanent in SA in 2023 and 2024, the economic growth outlook weakened materially, with the SA Reserve Bank revising its growth forecast for 2023 down severely, and investor confidence weakening. ..

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