The dollar index was last up 0. 5% at 109. 24, not far from the two-year peak of 109. 58 it hit last week.
Economists are anticipating a 25 basis point interest rate cut in South Africa next month, with another potential cut in November as the inflation rate eased to a six-month low of 5. 1% in June, though it remains above the SA Reserve Bank’s target of 4. 5%.
The proportion of cash versus digital currency is shrinking slowly but, nonetheless, surely.
The Financial Sector Conduct Authority has approved Jaltech as one of the few investment product providers to receive a crypto asset service provider license.
The JSE All Share index fell more than 1% to below 73 400 points yesterday, mainly pressured by resource-linked stocks.
From the use of grain and salt as currency all the way to paper money, the payment landscape has been steadily and constantly evolving.
The domestic currency had strengthened to R18. 77 to the dollar on the better-than-expected Budget, but then moved closer to R19. 00/$1 by 1pm following the release of the US Federal Open Market Committee (FOMC) minutes on the back of strengthening the dollar as interest rate cuts were not imminent.
Treasury had previously issued a $500 million Sukuk bond in 2014, when it became the first African nation to issue a sovereign sharia-compliant bond.
Concerns about deteriorating fiscal metrics in South Africa drove the markets to the red yesterday, with stocks on the JSE and the rand beginning the week trading lower.