Any ZAR weakness generated by Donald Trump’s tweet over the weekend should be reconsidered. A BRICs+
currency does not exist. Its biggest challenge, if introduced, would be the generation of liquidity to encourage
mass adoption. Assuming the BRICs+ get it right to establish a currency that their domestic banks would clear, there
is still likely to be a USD leg required to trade into any currencies not linked to BRICs+. Furthermore, one cannot rely
on trading in goods and services alone to generate that liquidity. USDs are used to transact across all financial
markets worldwide, as a store of value to transfer funds from one country to the next, and, importantly, the amount
of USD liquidity already exists to satisfy all that demand. Superseding that is impossible in the short to medium term.