This week the South African president has nominated the new chairman of the central bank. Regardless of the markets reacting positively to the new chief of the monetary authority, the old problems of South Africa will not disappear and its currency, after short stabilization, will continue on losing value.
I wrote for "WP" not longer than a year and a half ago about some serious economic disorder in South Africa (South African rand - a troubled currency). High unemployment, inflation and the current account deficit around 6% were to cause the rand to be under the sellers' pressure.
Marcin Lipka, Cinkciarz.pl analyst