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Rand vs the dollar: 1978 – 2016

Rand vs the dollar: 1978 – 2016

The rand’s weakness can be blamed on both local and international conditions – which has seen the local unit trade at its weakest levels in history against major currencies.

The rand took a big knock in December 2015 – 9/12 – after President Jacob Zuma unexpectedly fired finance minister Nhlanhla Nene, and replaced him with an ANC back-bencher David van Rooyen.

Despite the president’s claims to the contrary, economists and analysts said the move had a profound impact on investor confidence in the country, leading to a mass exodus of capital.

Combined with extremely slow growth, a widening current account deficit and one of the worst droughts in the country’s history, the rand has remained stubbornly weak, unable to break back through R15 to the dollar.

International factors

Global growth has slowed, led by China which has been unable to prevent a slow down in its markets. This in turn has led to a decline in demand for commodities (which hits South Africa hard, as China is one of our main importers).

Sanctions have been lifted against Iran, which has resulted in an oversupply of oil in the global market, dragging the oil price down to below $30 a barrel.

While the oil price has recovered in recent sessions – $40 a barrel – this reflects a short-term boon for the energy market, with many analysts expecting $30 a barrel to be the benchmark for the foreseeable future.

These global factors, along with decisions made in big markets such as the USA, the UK and China, all have an additional impact on the rand.

On Thursday (10 March), the rand flirted with R15.00 to the dollar – its strongest point in recent weeks – due to a decision by the European Central Bank to cut interest rates and expand its quantitative easing programme.

However, it’s the local factors which will decide the rand’s future – with a looming credit rating cut to junk, and business-unfriendly economic policies threatening to push the currency even higher against the dollar.

Rand history

Before 9/12, South Africa’s weakest point against the dollar was R12.45 in December 2001.

In December 2015, the rand crashed to R15.38, before getting within a fraction of R18 to the dollar in early January – though very briefly.

The rand’s new (stable) record low is at R16.86, while it is currently trading at around R15.25 to the dollar.

The graphic below shows the year-on-year changes in the rand for 11 March from 1978 to 2016.

Two peaks prior to 9/12 stand out, reflecting the economic fallout of the terrorist attacks on the United States on 9/11 2001, and the global economic crisis which hit in 2008 and 2009, which led to a global recession.

(click to enlarge)

(click to enlarge)

Year Rand vs Dollar (11 March)
1978 0.87
1979 0.84
1980 0.81
1981 0.79
1982 0.98
1983 1.12
1984 1.20
1985 2.00
1986 1.99
1987 2.09
1988 2.11
1989 2.53
1990 2.59
1991 2.63
1992 2.89
1993 3.19
1994 3.42
1995 3.63
1996 3.95
1997 4.42
1998 4.98
1999 6.15
2000 6.39
2001 7.77
2002 11.47
2003 7.91
2004 6.71
2005 5.85
2006 6.28
2007 7.39
2008 7.99
2009 10.32
2010 7.46
2011 6.91
2012 7.59
2013 9.11
2014 10.79
2015 12.26
2016 15.23

More on the rand

Rand flirts with R15 vs the dollar

Weak rand curbs SA employers from hiring

Rand takes a dive amid SA political chaos

Rand takes a hit after budget speech


BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • James Dean

    And the ANC will blame Van Riebeeck, the suns rays, the color of the sky… everything but them.

  • Steady_B2k

    Viva useless African National Corruption VIVA!

  • 395. Wow! This is a record low, but only on this site. Please proofread your articles before publishing. The figures from 1984 to 1996 are missing the decimal separator

    • Aadil Lakhi

      No proofreading? Blame AA? Oh wait, it’s an all white cast

    • James Dean

      It was on purpose to try make the Nats look worse than the current lot.

    • bruciekins

      Either your eyes are even worse than mine, or your screen a lot smaller, as (although they are faint) I can see them. 😉

  • Chris

    Funny how drastically the rand fell since the ANC took over government. It doesn’t say much about the ANC if an apartheid government weighed down by international sanctions and local unrest still managed to keep the economy on track, does it? The ANC should never have gotten it in their minds that they could transform from a liberation movement into a political party. They simply never had any idea how to govern and the decline in the value of the rand is a clear indication how lost they are.

    • My_opinion247

      That is the typical problem with all liberation movements. After liberation they don’t want to let go and eventually crash and burn, typically taking the country down with them

      • Selwyn

        Oh so correct!!!.Theres no ‘govern’,. from the top to the man in the street—-literally. Look at the simplest breaking of a law.—- red robots. Do your self a favour and note: three cars will pass through just about every red robot in the country. As for traffic offenses—-just laugh folks, the traffic cops are thereto support Sappi for the paper the fines are printed on. Keeping this tragedy light:………………., the guvvumint now want to legalize prostitution. Will this broaden the tax base??? Tax the ZUMMA-ZUMMAs. they are stealing 1/3 of our gold anyway!!!!! Go talk to any one from Welkom or Klerksdorp!! The Gupta aint a patch on these guys!!!!

    • FormerBBuser

      It’s not as simple as that. Globalisation occurred and the ANC was slow to implement measures to keep us competitive. The tri-partite alliance would have also opposed any measures which shed jobs.

      • Chris

        The tripartite alliance is the actual reason why unemployment is so high. They caused job shedding! Not only is SA run by a liberation movement and communists; we also have trade and labour unions in government dictating how our “free market” economy should be regulated. And then there’s the Guptas working the current president like a puppet, and they’re not even from this country! That’s how simple it is.

      • Chris

        Jobs are lost because the unions in the alliance have the power to approve their own strike actions. Thus they can over-extend their reach in the market. With the constant increases they insist on, while at the same time production declines, jobs are obviously shed. Why do you think Thatcher kicked the unions out of government in the UK? The tripartite alliance was always a slow poison.

  • meep

    International factors are a bit beyond our control I think. The local ones with the primary responsible moron being the ringleader of this circus called the ANC and our shameless president should be criminally charged.

    • Wyzak

      Yeah, the easy way out is always to blame others for your failures.

      • Mntungwa Mbhulazi

        just like you are doing! Don’t take the ‘easy way’ out! It is not always the easiest!

  • Anonymous

    So this is proof that the old South Africa was much better at running the country then the idiots running the country today……

    • chunk

      I can run 9% of the country and do a great job.

      • JackofNone

        Agreed, you cant take only the richest 10% of the country and then asses your economic strength vs the rest of the world. Pre 94 stats are invalid because it was not a whole country. What is conserning however is from 2011 – 2016 we went from R7 to R16!

        • FormerBBuser

          Dealings with China and labour issues killed our own manufacturing industry. Lower exports meant less demand for Rands and viola! This is also a symptom of middle and upper class families doing well in our country and importing lots of luxury products.

          • Jon Low

            Our manufacturing sector operated in a siege economy where the NP erected high tariff walls to protect local factories from overseas competition. But SA consumers paid ridiculously high prices for SA-made products. A locally-made 66cm TV set cost about the same as a brand-new small car like a VW Beetle.

          • Jo

            No no no. In 1980 a Beetle cost about R4000 rand, while the largest TV screen at the time was about 30 inches, and cost R400. Thats a factor of 10! At the time my salary before deductions was about R750 per month. Go figure.

          • Jon Low

            The smallest cheapest no-remote 28cm Hammerstein colour TV from Dion cost R500 in 1980. Beetles went off the market in 1978, replaced by the Golf. The largest cathode-ray TV screen was a 66cm one — we had metricated by then.

          • Jo

            Beetles were still available in 1980. Imported from Brazil, not manufactured in Uitenhage. My brother bought one December 1979 at a VW dealer, brand new. I myself bought one for R2 550 in 1975. Still have the papers to prove the price, and got 2,5% discount! My uncle bought a Telefunken TV in 1978 for R400, and it was a 76cm one or 30 inches. The biggest available at the time, and I think that size stayed being the biggest in CRT type TV’s until being taken over by flat panels. It was a huge heavy piece of floor standing furniture. Even today, you will see most adverts for TV’s are given in inches. And nearly all people wrongly use the full stop instead of the legal comma, for a decimal sign. And prices did not realy change in a year or two before 1980. But it did change very quickly in 1980. I also remember by middle 1980 a new Ford Cortina estate wagon 3 liter price suddenly went up from about R8k to R12k in only 18 months time. Which forced me to rather buy a second hand 1978 BMW 525 automatic.

          • Jon Low

            Imported cars were massively import-taxed at that time which is why a Mexican or Brazilian Beetle would be expensive. Local Uitenhage Beetles ceased production in 1978. A 3L V6 Cortina was right at the top of the Cortina range, and it wasn’t a cheap entry-level car like the 1.6 four, but any Cortina was in the midband of Ford’s saloon car offerings — their cheap entry-models were the Escort and above the Cortina range there were the Grenadas, until the Sierras came along.

          • Carel

            Please explain the comparison? I have no idea about the prices back then, but the largest TVs (nice and fancy) also cost about the same as a car. TVs was new technology back then and a kind of a luxury.

            Totally unrelated comparison: a permanent marker manufactured in South Africa is more expensive than one manufactured in Germany (at least it was last year, haha) and of inferior quality.

        • chunk

          That’s why the stats cant really be compared, but by saying that we should be very concerned at the rate of decline of the Rand.

        • Chris

          Did the Rand Dollar not effect everybody in the country pre 1994?

          • JackofNone

            The currency did affect everyone but the (false) strength of the currency was derived from the interaction of only the richest 10% of the population with the rest of the world. If any country considers only the top 10% of their population when interacting with international markets I’m sure their currency would also be unnaturally bloated and give a false sens of the real wealth of the country. Pre 94 is such a scenario.

          • Chris

            Surely if you spend a million rands in the open market, they don’t care if it comes from 1 person or a 1000 people. a million is a million is a million in a market

          • JackofNone

            You wouldn’t have a million rand to spend if the available wealth was spread throughout the whole population. That’s the point. They are only using the financial strength of the 10% richest people but labeling that as the financial strength of a whole country whilst 90% of the population are not interacting with the international market at all. If you have 10 children and only feed 1 of the 10 I’m sure you’ll have a lot of money to spend on cars…

          • Jo

            Dream on, with your racist thoughts. Clearly you have no idea about either economics or statistics. Just like Zupta. He also fails to see how the simple appointment of a new finance minister can cause the Rand to drop so fast.

          • Jo

            Ridiculous. There is no way any government can use any monetary figures for certain parts only of the population. There is no difference in the way that the economy or the strength of the currency can be measured only against part of the population.
            It is nothing or all! Market forces, not racist issues, governs those things.

  • bengine

    ahhh the infamous Rubicon speech of 1985 …

    • Jon Low

      The Rubicon speech — and two States of Emergency that it provoked — nevertheless did not depress the value of the Rand beneath three to the dollar.

      • bengine

        You can’t look at it like that – it shed almost 70% of its value – that’s like going from 15:1 to 23:1 almost overnight.

        • Jon Low

          It still didn’t sag below 3 to the dollar.

          • bengine

            So?

      • Mntungwa Mbhulazi

        Jon you deserve the name Low! It fits you like a size 9!

        • Nextlevel

          Next year this time well be wishing the rand was only 23 to the usd

          • Mntungwa Mbhulazi

            You will lose your money. don’t buy dollars.

          • Nextlevel

            You figure the ZAR will strengthen so long as zoom zoom is the frontman?

          • Mntungwa Mbhulazi

            we need it to build the country.

          • Nextlevel

            True…. But that won’t happen so long as the plunder by the anc elite continue. The rest of the world are not blind to this. And that we have aligned with the corrupt brics bank I don’t see much building happening. Sad.

          • Mntungwa Mbhulazi

            forget about Brics bank, what about your friends; The Guptas!

          • Nextlevel

            Oh how I wish I was related to them to share in the thievery and shady deals

          • Mntungwa Mbhulazi

            every dog has it’s day!

          • Nextlevel

            Millions of dogs will not have day here. There is no magical karma that is going to invoke justice

        • Jon Low

          Must be tough when your ad hominems are weaker than your logic.

          • Mntungwa Mbhulazi

            how did you get your brain to be Lower than your Jons?

  • My_opinion247

    Another good story to tell !

  • FormerBBuser

    One has to put the 1978 Rand in context. We were the world’s leading gold producer and on the gold standard which suited us. I don’t believe Rands were traded freely on the open market.

    • Jon Low

      No, we were not on the Gold Standard. We actually ditched the Gold Standard as the value of our currency — then the S A Pound — way back in 1931. In 1971 the USA scrapped their federal reserve peg which valued their gold bullion holdings at a constant $42/troy oz, ending gold’s monetary ties with reserve currencies.

      The Rand was divided into two separate currencies: the commercial Rand (which was freely traded, but subject to some Reserve Bank exchange control restrictions) and the discounted financial Rand or “finrand” which was the currency through which all blocked Rands were traded. Finrands could not leave the country, but could be used to settle any debts inside the country.

      • FormerBBuser

        Thanks for the correction.

  • Jon Low

    Even during the States of Emergency, declared in 1986 and 1988, you only needed R3 to buy one dollar. Now you need R15.

    • Silver King

      You should also consider the Dollar itself was stronger then too.

  • Gary Fields

    …ANC … and the ‘C’ does not stand for ‘Confidence’ or ‘Competence’

    • Xonix

      Cancer…it stands for Cancer

      • Nextlevel

        And Cunts

        • Xonix

          Lol how’d you get away with that?…that is some nextlevel stuff..

          • Nextlevel

            First you take the c u n t … then you add the S … put them all together… then you got CUNTS lol

  • Helldriver Phoenix

    I don’t understand. Why was the Rand so strong when a Non-ANC party ruled South Africa before 1994.
    Yes Apartheid was Evil and wrong, but doesn’t it show “the people” that the ANC is unqualified to rule?

    • chunk

      No it doesn’t because “the people” never experienced what it was like, to them its the same thing with more freedom and access.

      • Chris

        The average bloke who votes cANCer have no clue about Rand vs Dollar and don’t care about it either. If they don’t get an increase they will strike and toi-toi and destroy until they do. Damn the economy.

        • chunk

          Its what happens when you degrade people to their lowest common denominator, had i not been lucky enough to have the upbringing i had i most prob would be doing the same as i would have no idea about the Rand VS Dollar and most likely wouldn’t care.

    • BloodSteyn

      You also forget that we had an extremely strong Rand, and Economy, even when under sanctions… But it slowly chipped away.

  • Wyzak

    9/11 and the GFC had nothing on JZ!

  • Mntungwa Mbhulazi

    This article lacks context, which is crucial to fair reporting, and can be continued as propaganda for the opposition party. Some of the issues deliberately left out are;
    1) Strong performance and prices of the Mining resources in the form of Gold, Platinum, Iron, vanadium, coal, etc., as compared to todays prices.
    2) dual currency – Commercial and ‘financial’ Rand.
    3) the size of the population, in service delivery and social terms. The Nats were only concerned with building and maintaining infrastructure for the use and service of white interests;
    4) the currency current export and non-repatriation of gains by a majority of Apartheid benefactors;
    5) hundreds of thousands of hectares of land lying idle, which could be used to generate foreign currency, in the hands of speculators – both local and foreign.
    6) the negative effect of trolls who misuse their ‘freedom f speech’ to denigrate the country. I am not calling or the tightening of the ‘Security’ laws and the establishment of a ‘Security Branch’ – yet!
    7) etc., etc.,

    • FormerBBuser

      I agree with you up to point 3.

      • Mntungwa Mbhulazi

        you don’t have to agree with any of the points, but they can fill up your thinking stomach as ‘food for thought’.

      • D3Rp3R

        yeah the chip came in there

      • Silver King

        Yea I also lost him at point 3 when he began his blame the white crap.

    • Robert Dixon

      The ANC had 22 years to improve things … but failed miserably!
      Living in the past instead of moving forward, coupled with a culture of corruption has put SA in its current position.
      And the ANC were in control – “being the baas” successfully is only within the capabilities of the few.
      Check out Singapore’s success since the colonists left – very different to the disasters that occurred in Africa post-independence.

      • Mntungwa Mbhulazi

        If by failure you mean taking back stolen resources (land, minerals, etc.), the I agree with you.

        • Robert Dixon

          No – I mean failing to act positively in the best interests of SA as a whole.
          Negative thinking has got us into a terrible economic situation – how is SA going to pay back the massive debt that has accumulated in the 22 years since 1994?
          Worse is that we have very little to show for this.
          Immense amounts are spent on “education” which is rated almost the worst in the world – how is this supposed to enable SA to grow a strong economy?
          Do a little “Googling” and see how Singapore handled their post-independence.
          You might also read Greg Mills’ book “Why Africa is Poor and What Africans Can Do About It”.
          Living in the past, no matter how bad it was, certainly won’t do SA any good.

          • Mntungwa Mbhulazi

            we paid back the Nat debt. we can pay any debt. ask me, I’ll tell you.

          • Robert Dixon

            The debt – and the terrible interest burden – just grows bigger.
            There is no plan to do ANYTHING positive, while the “good stories” and “I’ll tell you” is no substitute for positive action.
            Along with millions of other people in SA I don’t enjoy living on “Planet ANC”.
            If it is so easy why are there STILL bucket toilets, towns with no water (because the plant has collapsed), massive corruption, rampant crime and so much else that is bad?

          • Mntungwa Mbhulazi

            forget about the DA ever governing my country. we don’t want a puppet controlled by bigots.

          • Chris

            “my country” You see with people thinking the way you do, there is NO hope for SA

          • Mntungwa Mbhulazi

            we are pragmatist. You can keep your hope.

          • chunk

            Just answer me one thing you say The DA is controlled by bigots so you wont vote DA fair enough, but when are the majority going to take responsibility for the leaders they elect? who blatantly steal from their own people?

          • Mntungwa Mbhulazi

            ask the majority. I speak for me.

          • chunk

            Then you should have some independent thoughts

          • Mntungwa Mbhulazi

            My thoughts are very independent from yours. That is why you should agree with me, and I disagree with you. That is my middle ground!

          • chunk

            You should have some independent thoughts from ANC cool aid.

          • Mntungwa Mbhulazi

            Please share the VV+ mampoer.

          • Mike Lee

            It so happens that the best run province is the Western Cape – run by the D A . Nearly 70% of the city’s budget is spent on providing free services to informal settlements and you have the cheek to say “we don’t want a puppet controlled by bigots” running “your” country!
            Wake up and smell the coffee! We need less corruption, more competence, less nepotism and cronyism. We need better education. For this you need more tax which means more eligible tax payers, which means more friendly policies towards job creation and then there is the crap surrounding minimum salaries when there are millions of unemployed mostly black youth who can’t find any work!

          • Mntungwa Mbhulazi

            You stole my coffee machine

          • Mike Lee

            Ha! ha! I only have a hand operated plunger….

          • Robert Dixon

            The puppets are those that believe the ANC “saved” SA, with the EFF (“everything for free”) close behind.
            Results are what count, not loads of BS and outright lies.
            An unbiased consideration of results shows how SA has simply become another failed african country in the past 22 years.
            Massive debt, disasters at SAA, PRASA, EKSDOM, large percentage of municipalities, a police force that has convicted criminals among its members (even the one-time head, selebi).
            IT COULD HAVE BEEN VERY DIFFERENT, but that is what the majority voted for.

            You are defending the indefensible.
            SA needs positive attitude and actions. Otherwise it will sink further.

          • Mntungwa Mbhulazi

            You don’t mention Jimmy Kruger, the Citizen, poison Basson, Poet Skiet, Vleis Visagie, etc.

          • Jo

            And Singapore did not have much land, and virtually no mineral resources to lean on, and also no vandalising unions to destroy everything. Their main resource was the eagerness of their population to build their country, and in the process also uplift their people and their economy.

    • Gary Fields

      Not that I am knowledgeable on economics but, The old pre-liberation Rand was probably, to a real degree, artificially maintained, so we will never really know what the true value of it was compared to the Dollar. As the buying power of a currency is a direct measure of the confidence people have in it, it can probably be also said that the confidence in the Rand had declined considerably – in fact looking at the graph its decline has accelerated rapidly since the early 90’s when it became clear that there would be a leadership change in SA. Maybe that was a vote of no-confidence in the impending new leadership? Maybe the rapid decline seen in the early Mbeki and now in the Zuma years can also be viewed as a vote of no-confidence? While all currency’s buying powers tend to depreciate in the long term, the fall of the Rand relative to the major benchmarks I feel has a lot more to do with ANC corruption, idiotic policies, nepotism and incompetence than any global economic factors.

      The ANC does not inspire confidence in investors (except the likes of the Guptas) and that is no-one’s fault other than the ANC. Blame Apartheid, R&R (Rhodes & van Riebeeck) all you want but it is the ANC that has to somehow pull the monkey out of the bag today and fix it, and their ability to do and not do that is what will attract or drive confidence in the economy. No matter what the past was, the ball is in the hands of the black man and you have to perform now, like it or not.

      • Mntungwa Mbhulazi

        “Maybe that was a vote of no-confidence in the impending new leadership?”

        Correct. Remember that the Nats took away everything from the black people, viz.,
        1) the land,
        2) did not allow meaningful economic activity,
        3) black people were demonised and called lesser beings (non believers and primates),
        4) etc.
        What confidence would an average apartheid benefactor have in an black people running the country then? Remember that this was taught in homes, schools, churches/synagogues, industries, sports clubs, offices, jails, etc.

        • Gary Fields

          True, the black people were a broken people, but it appears that they remain a broken people. It must be realized that we the whites cannot fix that. Nobody but you can fix you. And this is what white people are essentially calling on black people to do – to pick themselves up from wherever they are. No amount of blame and ‘responsibility taking’ from the whites is ever going to uplift even one black person unless they make the decision to be uplifted.

          And even then, the whites no longer have the power to do the uplifting – you took that power away in 95. It seems that the motto of many is that the whites should be dispossessed of land and everything they own. Even this wont work – is giving people a cash payout, a mansion in Gauteng or 100 Ha of land going to change the people of the country? Maybe only temporary. You are where you are because of what you are, same rule applies to everyone.

          So blaming of the past, Rhodes, the whites, Roger Rabbit and Elvis isn’t going top make a scrap of difference. Only you can fix you but you are not going to break me in the process.

          • Mntungwa Mbhulazi

            who died an elected you ‘white peoples’ spokesperson? the ‘past’ is more present than you think. Ask tannie Penney.

          • Nextlevel

            Sounds like you were one of the beach baboons that day?

          • Mntungwa Mbhulazi

            did I beach you as well? you deserved it. it’s not because you were one as well.

          • Gary Fields

            The only problem with the past is that you are stuck in it. You look back because you are unable to look forward. You obsess about the past because you cannot create the future.

            Also, grow thicker skin. If someone calls you names like that Penny Sparrow did and this causes you to react, then realize that it is you who is deciding to react – deciding to ‘be offended’. There should not be any Penny Sparrows in the world but then again, there should also not be any Hijackers, Hitlers, scumbags that murder and rape a 16 year old girl in a forest, or despots named Zuma. But there are unfortunately and these people, like Sparrow and Zuma should be taken on and rightly called out.

            As for being the spokesman of the whites… in a country defined by generalities (‘all whites are so and so’ and ‘all blacks are this and that’) my words will always be seen as representative of my race, same as yours. Race is after-all, everything in this country isn’t it. The fact that race is everything gets re-inforced every single day. You and I are part of that, just like Malema, Zuma, Rhodes, TV-news channels and students and pretty much everyone.

            As long as you lay all the blame for you fate on ‘the white race’, I will continue to point the finger back to blacks and ask you “What have you done, or not done, to deserve your fate? What is your hand in your current condition? How much are you to blame for your current state?”

            But anyway …

          • chunk

            You make valid points i myself as a person of color has been wondering when will people start taking responsibility for their decisions and start demanding change from their so called leaders and stop passing the buck to others but that’s hard to do, its easy to sit back and point fingers.

          • Mntungwa Mbhulazi

            we should forg3t apartheid if you promise to forget the Anglo Boer war and the holocaust.

          • Gary Fields

            It seems you are unable to see the difference between ‘move on’ and ‘forget’. As I said – backward facing.

          • Chris

            Strange how Japan was also broken and after WW2 they sold cars to their previous enemies within 20 years.
            They pulled themselves put by their boot straps, and what has SA done? Remember in Japan books it was a fate worse than dead to surrender, but they did and 20 years later…. Just look at where they are today.
            Now what is the difference between Japan and SA? I would say work ethics.

          • Gary Fields

            That … and national pride in their culture and history which can come from the fact that much of of it was actually written down. One thing to consider too is the relative geographies of Japan and Africa. In Japan, they have limited space and resources and when that happens there are often wars between clans as seen in Europe too.

            Wars tend to force technological and ideological evolution. I believe one of the reasons Africa has been behind and the residents in particularly sub-saharan Africa never really moved on, was because Africa was a relatively good place to live – less conflict and ample resources, warmer temperatures etc.This of course all changed when the Europeans went exploring.

            Oddly enough it seems to me that the overwhelming majority of Africans are opting for the more sophisticated Western lifestyle and possessions introduced to them by the Europeans. Evidently the communal tribal lifestyle has become less desirable. They hate us, but they want to be us.

          • Jo

            Unbelievable truth! They also hate americans most, but at the same time wants all the things that americans have. They even talk the american way, idolise american styles, american products, such as KFC etc.

          • Alegro

            Interestingly, after the recent Japan Tsunami there was absolutely no looting, it’s just not in the moral make-up. They got stuck in and rebuilt, now one wouldn’t even know there was a Tsunami.

          • Jo

            It has already been calculated. If all white money and assets are taken away from them, then blacks will only get a once-off R10 000 each.Which of course will not make any difference to blacks for more than a month or 2. Which will leave all whites on the streets, stripped of their jobs, houses, cars and cash. Then the blacks will have to find the money to pay all of whites their SASSA allowances!

        • Jo

          It is not the factors that Mbhulazie is mentioning, that gave a more positive impression of the pre-1994 state of the nation or currency. Rather, it was the stupid meddling of the anc, for reasons related to their own greed, that laws on labour, land ownership, BBBEE requirements that has proven over and over to be a total flop, and reditribution of land, that caused the economy to decline since 1994. In other words, it was the anc’s own fault through new policies and laws, that the economy degraded so badly, an not because of apartheid or any other racist issues. Prove me wrong!
          Match new policies chronologically with the value of the Rand and see for yourself.

          • chunk

            All consequences of Apartheid, ANC exists because of Apartheid and BEE reaction to Apartheid.

          • Mntungwa Mbhulazi

            we wi”l do that, once we’ve got the land, banks and JSE.

    • Alegro

      I don’t agree with your second statement in (3). The City of Cape Town’s Building Unit in Hanover Park constructed hundreds of triple storeys for the coloured people on the Cape Flats during the 70s … I should know, I knew the Quantity Surveyor leading the team.

      • Mntungwa Mbhulazi

        ‘for the coloured people’? err… what colour did you paint them? never mind, you don’t have to answer. You don’t seem to grow up, you just seem to grow old

  • elboertjie

    When the major rating agencies downgrade South Africa in May/June, the rand will fall with no floor in sight. Perhaps this is now, as ever, a good opportunity to park some wealth in Kruger rands?

  • Blapartheid Zulu

    wtf. The rand was once stronger than the dollar? WTF. Useless anc crap! keeping voting crap and you will keep eating crap!

  • RiSaMi

    Preps Delorean…back in a mo!

  • Tommy

    Just check the date when Mandela was released – That’s when the magic starts to happen.

  • It’s interesting how overall this country was at its strongest when the world was “against” it (sanctions etc), and after that when the cANCer took power everything went downhill (of course, the white man is to blame there no doubt). Even when the world is spurring them on and giving them all possible opportunities, they screw it up and will never accept responsibility. Viva cANCer viva – African National Corruption indeed!!!

  • Chris

    Amazing what the cANCer did to this country.

  • Erwin Kuschke

    does anybody know what happened 1982 -> 1985?

    it basically halved in value from R1 to R2… similar to a change from R10 to R20 (i assume?)

  • Jo

    The last steepest curve starts at around 2011, almost the same time that Zupta became president. Must mean something…

  • Alegro

    Incredible, the Rand was stronger than the dollar in the late 70s! In 1994 it was still only R3.34, after that the curve rises sharply. Can we possibly look forward to 45:1 – and more – like the Malawian Kwacha?

  • Brian

    The reporter as well as most of the commentators are making assumptions based on a visual inspection of an arithmetically scaled graph. If the graph had been presented in log format the conclusions drawn by the commentators would have been different.
    The facts from the table: 1978 0.87 to 1994 3.42 That is a compound movement over 16 years of 8.94% per annum. Then 1994 at 3.42 to 2016 at 15.23. That is a compounded movement over 22 years of 7.03%.
    For the ANC to have delivered as bad an annualized average performance as the Nats the rand would now be at 22.50 to the dollar (8.94% annualised over 22 years).
    This clearly shows that the ANC have managed the Rand far better than the Nats did. a surprising conclusion if one simply looks at the graph without deeper analysis.
    @Gary Fields; @Helldriver Phoenix; @Jon Low; @anonymous; @Chris

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