South Africans Joke As the Rand Drops by 1%: “What A Moody Rand”

• The rand is currently at the lowest it has been in the past three weeks due to various international factors
• These include the apparent lack of steps taken to boost China's economy, tensions in the Middle East and the strengthening of the dollar
• Netizens joked about the rand and how it seems to be controlled by someone with insight into South African current affairs

Tebogo Mokwena, Briefly News's current affairs journalist, covered current affairs relating to the economy, finance, banks, and state-owned enterprises during his seven years at Daily Sun and Vutivi Business News.

JOHANNESBURG — The Rand is struggling to break through its three-week slump because of international news rocking the markets.

Rand at three-week low

The local currency, currently at R17.58 to the dollar, has been at this level for three weeks. International current affairs include tensions in the Middle East, the strengthening of the dollar, and a perceived absence of boosting China's economy. China recently announced sweeping measures for economic support, which included reducing lending rates and reserve requirements for banks.

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Netizens joke about the rand

South Africans on Facebook turned the news into an opportunity to laugh.

Cindy Tshabangu said:

"When Helen is angry, the rand is affected, and that is why South Africa won't get anywhere."

Sikhumbuzo Masondo linked the rand's performance to the ongoing election for a Tshwane mayor.

"The rand is sending a message to the Tshwane mayor election committee. Apartheid agency working day and night."

Mchana Wa-Bakwena said:

"What a moody rand."

Oscarwell Nkulu Tembe II said;

"The rand is scared of Panyaza."

Fafama Dalasa said:

"The rand is affected by different things. Firstly, there are no jobs. Secondly, more business people bank outside of South Africa. Thirdly, no factories and farmers are selling less to the people."

SARB announces repo rate

In a related article, Briefly News reported that the South African Reserve Bank announced the repo rate at 8%.

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Reserve Bank governor Lesetja Kganyago announced that 25 basis points had cut the repo rate. However, many in the country were dissatisfied and wished 50 basis points had been slashed.

Source: Briefly News