Today's Big Stories

Rand taking a knock amidst global markets turmoil

We start with the turmoil in international markets that has seen the value of our currency hit a historic low to the dollar (R13, 27) and R21,00 to the pound.

Stephen spoke to Economist, Chris Hart about what is driving the markets and most significantly, having a devastating impact on the Rand.

Chris explains that, with China being the second largest economy and the biggest single trading country in the world, it has offset the world's economy. The biggest issue is that the world is not really certain what the full story is with the Chinese economy, as China has been creating a different perception of what the real situation - by distorting their asset price.

With regards t o why South Africa has been hit so hard, Hart says that South Africa's low interest rate has been stifling growth as we have not been getting the returns we should for the risk being taken. He highlights that South Africa is at risk of a recession, especially with debts and inflation are rising and inflation is rising, as well as we switch resources away from growth.

Listen to the full interview below:


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