- June 23, 2023
- Posted by: admin_IT
The South African rand is depreciating against global currencies, breaching the US$/R19.60 mark as at 30 May before fluctuating to around US$/R18.857 in June 2023.
The depreciating South African Rand against the United States Dollar (USD) is anticipated to have impact on the competitiveness of Zimbabwean businesses, given that about 70% of local transactions are in USD and that South Africa is a major trading partner of Zimbabwe.
This will also be exacerbated by the removal of import licences and duties, as well as taxes on the importation of fourteen (14) basic commodities1 by Government on 11 May 2023.