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Vol 45 No 3

Published 4th February 2004


South Africa

Roller-coaster rand

Orthodox policies and populist gestures aim for a winning electoral strategy

Two years ago the value of South Africa's currency, the rand, was plummeting so fast that the government, suspecting a conspiracy of speculators, opened an investigation. Then the rand soared upwards, shocking tourists and triggering a sharp decline in domestic interest rates. Now it's heading downwards again, slowly losing value against the US dollar (which is itself falling) and more quickly, against the Euro and sterling.

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