South Africa reacts to the exchange rate: 'The Rand has fallen'

South Africa reacts to the exchange rate: 'The Rand has fallen'

- The rand has plummeted against the dollar as rating downgrades and Covid-19 factor in

- The exchange rate has plunged to R19.01 to the dollar

- South Africa has reacted to the news with disbelief and shock

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South African's have known that the economy was not doing well. With Covid-19 and the recent announcement that Moody's had downgraded South Africa to junk status the rand has gone into freefall.

At the time of writing this article, the rand was trading at R19.01 to the dollar. South Africans are in a state of shock.

Some have taken to social media to register their disbelief at things have changed in a year.

READ ALSO: Cele warns WC, cigarette sales still not allowed amid lockdown

A lot of people are talking about former president Jacob Zuma and how things were when he was in power.

In other news, Briefly.co.za reported that over R1 billion will be lost to the state if the ban continues with the industry body warning that civilians could resort to illegal activities to bypass the regulation.

The report indicated that citizens may travel across provincial lines in an attempt to purchase and smuggle cigarettes, flouting lockdown rules in the process.

FITA chairperson Sinenhlanhla Mnguni urged the government to reconsider their current stance

“We would, therefore, urge government as a whole to reconsider this aspect of the regulations in order to avoid, inter alia, a large-scale state of unlawfulness where citizens are contravening the lockdown regulations in order to acquire cigarettes."

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Source: Briefly.co.za

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