1 United States Dollar equals 19,05 South African Rand 😭
This is a huge cause for concern as the money in our bank accounts lost value in just 1 month. Multiple downgrades from rating agencies, contracting GDP, Eskom rolling blackouts, Governance, low investor confidence, uncertainty and CORONA (COVID-19) have all played a massive role in this beat down.
R1,000,000 in your account is now worth far less than it was on the 4th of March as you just got poorer😱 in dollar, Euro, Pound and Rand terms – no matter how you look at it.
On the 4th your account was worth $65,487.88
Today sadly it’s worth only $52,504,52
That’s a loss of $12,983.36 😡- THATS HECTIC! Thats R247,280,81 value lost.
We are in for a bumpy ride and should consider gold or some other value keeping assets. Or alternatively solidify USD / EURO / Pound Sterling income generating sources.
See interesting tweet by Nick Hedley
@nickhedley , that’s a staggering compounded 12% per year. 5% one could understand from inflation differentials over the longer term. But 12% is way too much. Hoping it can come back from these levels but it doesnt look promising at this point.
— Irnest Kaplan (@IrnestKaplan) April 3, 2020