Oliver Meth
The Russia-Ukraine conflict has affected South Africa’s economy, with Brent Crude Oil prices rising dramatically due to Russia’s invasion of Ukraine and this weakened the rand against the dollar.
Some South Africans are scared that this is just the beginning, with one person saying, “And now we rely on imports – we need to brace ourselves!”
The Crude Oil prices soared to levels last seen in September 2014 after Russia invaded Ukraine this week. The rise in prices caused the South African rand to weaken by 30c to the dollar after it increased the previous day.
This Wednesday’s Budget Speech in South Africa by the Finance Minister had strengthened the rand as economists felt hopeful about the government’s plans to secure South Africa’s financial future.
Brent Crude Oil is trading at over $100 per barrel. The rand/US dollar exchange rate is R15.27, and it is R17.17 to the euro.
Image: Oliver Meth /Africa Equity Media/
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