- The South African rand's value has lowered to R15 - the worst it has been since 2016
- Emerging markets are to blame for the sudden dive, according to economists
- The rand has recovered since and stands at around R14.45
Economists are blaming emerging market factors for the rand diving more than 10% in value against the American dollar.
The rand fell to over R15 to the dollar in the early hours of Monday morning, 13 August. The rand is now at its lowest levels since 2016.
The rand has fortunately since recovered to R14.45 to the dollar.
Isaiah Mhlanga, chief economist at Alexander Forbes says it is part of the index. South Africa's currency weakened along with that of Turkey, Argentina and Brazil.
In combination with the country's issues with land expropriation and corruption, this has affected the value of the rand.
Bianca Botes of the Peregrine Treasury Solutions claims it is not only in South Africa that emerging markets are having effects.
Do you have news that might interest us? Message us on our Facebook page and we could feature your story.
Cartoon Comedy: The Farmer’s Tale and head over to Briefly South Africa's YouTube channel for more awesome videos.