It was a tough end to 2024 for the ZAR, which came under significant pressure through the latter trading sessions,
driving the USD-ZAR above 18.9100 before it stabilised. One could point out that the ZAR was not alone in this
performance as the USD’s relentless recovery from its September lows continued through December, but the ZAR
still lost a little more than most through the month. While it is difficult to read too much into these moves given the
thin liquidity conditions that exaggerated the move, one must still acknowledge that SA has much work to do to
justify the improved confidence in the government of national unity delivering on the hopes and aspirations of
many SA companies and households.