The Rand (ZAR) benefits with the BRICS summit under way. However, talks of de-dollarisation may be premature but there is a lot on the agenda for the Bloc with expansion plans the key focus.
The South African Rand has been enjoying an excellent run of late, up around 1.20% against the Greenback at the time of writing. The beginning of the 2023 BRICS summit has coincided with a pause in the US Dollars recent rally have certainly helped the ZAR to arrest its slide which began at the end of July.
In regard to a proposed expansion of the Bloc we have heard different tales regarding the number and composition of countries looking to join BRICS. Among the names mooted are African counterparts Algeria, Morocco as well as more surprising ones such as Saudi Arabia and Iran. The proposed expansion is supported by South Africa, China and Russia with India and Brazil the outliers at present.
This gives a glimpse into the challenges around a potential BRICS currency as Member States have proven that they all have differing goals and expectations which could hinder the progress and power of the BRICS Bloc. The South African Economy for its part has remained resilient and showed signs of improvement of late. A large part of this has to with a decrease in loadshedding which has had a broader impact on supply chains and helped lower inflation of late. This was a key point to growth as outlined by SA Reserve Bank Governor Lesetja Kganyago when the Central Bank provided its most recent forecasts.
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