Load shedding, Covid, floods make the Rand the worst performing currency in the world

The Rand lost 8.5% of its value against the US dollar, as the cumulative weight of load shedding, Covid-19 and KZN floods recently turned it into the worst-performing currency in the world. Add to this the impact of rising inflation and the country’s economic outlook is by no means bright.The return of Stage 4 load reduction due to record unplanned failures, the positive rate on the Covid-19 test which peaked in three months and the disruptive effects of the KwaZulu-Natal flood on economic activity are the main factors behind the bleak economic outlook, according to the PwC South Africa …