Cranzy Posted October 8, 2012 Report Share Posted October 8, 2012 Hi,WTH is going on with the exchange rate?I have been keeping a close eye on the exchange rates as I have to move my money over within the next 10 days... last week... it went from R8.53 to R8.95 ...If you take a look at the amount of $ you would have got on 8.53 and then again on 8.95 .. and you convert to rands .. you will see that it is a massive amount of R you loose because of this .... Quote Link to comment Share on other sites More sharing options...
GideonVD Posted October 8, 2012 Report Share Posted October 8, 2012 The political and economic situation in our country and how its portrait by the media will affect this on an hourly rate Quote Link to comment Share on other sites More sharing options...
Cranzy Posted October 8, 2012 Author Report Share Posted October 8, 2012 well, it just hit R9 .... this is stupid. Quote Link to comment Share on other sites More sharing options...
MarcK Posted October 8, 2012 Report Share Posted October 8, 2012 Naaahhhhh! Damn - we still have some money in SA hoping the exchange rate would improve..... Quote Link to comment Share on other sites More sharing options...
Jordy Posted October 8, 2012 Report Share Posted October 8, 2012 I read a report that blamed it on the mining strikes. Something to do with the mines not producing and hence not exporting and therefore not bringing in the the currency into the country to balance it out. Lets hope that in a few months when the mine issues are settled, that it returns to something better. Quote Link to comment Share on other sites More sharing options...
Lynnie Posted October 8, 2012 Report Share Posted October 8, 2012 Do you really think it will improve much even if the mining issues gets sorted out? We also have funds still in SA, but are unsure what to do - the situation is so volatile... I dream back of the days when it was still below R8 en skop my alie dat ons dit nie toe alles oorgebring het nie 2 Quote Link to comment Share on other sites More sharing options...
Toitjie Posted October 8, 2012 Report Share Posted October 8, 2012 Yeah...Im keeping a close watch too...feels more like a vigil... lolbut I have read that the weakening of the rand is bad for imports, so that is very badly affected, but its very good for export, only problem is...we have less and less to export...since our mines are one after the other stopped from mining, now the truck crisis where goods cant be moved, and they are threatening to close the ports as well - effectively sealing of the country, and if this happens, I dont see how we will recover from this... Quote Link to comment Share on other sites More sharing options...
Cranzy Posted October 8, 2012 Author Report Share Posted October 8, 2012 I read a report that blamed it on the mining strikes. Something to do with the mines not producing and hence not exporting and therefore not bringing in the the currency into the country to balance it out.Lets hope that in a few months when the mine issues are settled, that it returns to something better.Hoping it will improve now, as I have all my money here and need to transfer it very soon .. like within the next 10 days or so. 1 Quote Link to comment Share on other sites More sharing options...
JacoO Posted October 8, 2012 Report Share Posted October 8, 2012 I am really stressed out of my mind.. got all my ducks in a row and was ready to transfer some of my moneys on Wednesday, but did not get to it.3 days of trading and look at it now... R9.13...I bloody hope that the mines sort their stuff out and that this idiotic strikes will stop!!!!! I am getting poorer my the minute!!!! 1 Quote Link to comment Share on other sites More sharing options...
MarcK Posted October 8, 2012 Report Share Posted October 8, 2012 Hopefully these mines (and more importantly JZ's flock in government) get their act together and sort all this mess out - the last thing SA needs is to lose foreign investment! Quote Link to comment Share on other sites More sharing options...
Minogue Posted October 8, 2012 Report Share Posted October 8, 2012 Believe me something is bettter than nothing I left Mozambique with only my cloths on my back at least i got a suit case and a job now ,get out while you can as it is only going to get worse .Its only money and you will make more!!! 3 Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted October 8, 2012 Report Share Posted October 8, 2012 I was trying to remember how long it took the Zim currency to tank... Quote Link to comment Share on other sites More sharing options...
JacoO Posted October 8, 2012 Report Share Posted October 8, 2012 I was trying to remember how long it took the Zim currency to tank...Not funny at all Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted October 8, 2012 Report Share Posted October 8, 2012 (edited) Not funny at all Don't worry Jaco I'm probably even more stressed than you are. All our income is in Zar and all our debt is in Aud. I'm literally hyperventilating. Edited October 8, 2012 by Bronwyn&Co Quote Link to comment Share on other sites More sharing options...
Kappie Posted October 8, 2012 Report Share Posted October 8, 2012 1 Quote Link to comment Share on other sites More sharing options...
Rover Posted October 8, 2012 Report Share Posted October 8, 2012 Don't worry Jaco I'm probably even more stressed than you are. All our income is in Zar and all our debt is in Aud. I'm literally hyperventilatig.Big ouch! Quote Link to comment Share on other sites More sharing options...
miraclebabycaw Posted October 8, 2012 Report Share Posted October 8, 2012 yip we had our money in a 7 day call. Put notice on it a short while back and of course as the money came out the rand started heading for a ball of snot. We were going to send 1/2 over for now and take the rest over when we go in December...All this uncertainty is just making it look even worse in December. My hubby is a dealer and he is monitoring it constantly but even he is starting to say he thinks we should just bit the bullet and send it UGH...It's going from bad to worse. Although 9/11 it hit over R14 to a dollar and then dropped back down so maybe we have a little bit of hope....aaaargh!!! Quote Link to comment Share on other sites More sharing options...
Cranzy Posted October 8, 2012 Author Report Share Posted October 8, 2012 yeah, hoping this will go down a bit from now onwards ... this peak is high enough Quote Link to comment Share on other sites More sharing options...
Sa2Nz2Oz Posted October 8, 2012 Report Share Posted October 8, 2012 Im also watching this rand devaluation over the months, its getting bad but im sure and hope it stabilizes after this crap going on in SA! Just wish these strikers would realise they are driving their pap n vleis prices up too! Dumb asses! 5 Quote Link to comment Share on other sites More sharing options...
Bosluis Posted October 8, 2012 Report Share Posted October 8, 2012 Well, since I came over in 2004 the rand value just started dropping and is where it is now, may recover somewhat when the strikes is over but who oversees will want to invest in that sort of economy with that sort of labour problems, every year its the same thing. Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted October 9, 2012 Report Share Posted October 9, 2012 I'm hoping when the strikes settle down it goes back under R9 but it's risky to wait. I wish I had a crystal ball for the next 6 months. The next 6 years is, unfortunately, crystal clear imho 2 Quote Link to comment Share on other sites More sharing options...
Jacques Voogt Posted October 9, 2012 Report Share Posted October 9, 2012 Sorry BronwynI think there is no return to under R9. It is starting to speed up and looking like zim here.www.saaustralia.org/index.php/topic/36803-the-zaraud-exchange-rate-moertoe/ Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted October 9, 2012 Report Share Posted October 9, 2012 Sorry BronwynI think there is no return to under R9. It is starting to speed up and looking like zim here.www.saaustralia.org/index.php/topic/36803-the-zaraud-exchange-rate-moertoe/R9.14 this morning and R8.97 now on xe.comBut not holding my breath.I'm so sick of worrying about this and I feel bad for all the peeps who are trying to move their house proceeds and pensions. 1 Quote Link to comment Share on other sites More sharing options...
Toitjie Posted October 9, 2012 Report Share Posted October 9, 2012 speaking of Zim...I had a most enlightening discussion with my domestic worker just now. She is a sweet lady, but not literate, so whenever she gets the chance, she asks me all sorts of questions.Her latest question was why the petrol is so expensive and is it true that the strikes have a negative impact because she does not see how that is possible. I explained as best I could and her answer was...we are going to be just like zimbabwe... 3 Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted October 9, 2012 Report Share Posted October 9, 2012 speaking of Zim...I had a most enlightening discussion with my domestic worker just now. She is a sweet lady, but not literate, so whenever she gets the chance, she asks me all sorts of questions.Her latest question was why the petrol is so expensive and is it true that the strikes have a negative impact because she does not see how that is possible. I explained as best I could and her answer was...we are going to be just like zimbabwe...Shame man, this is affecting everyone. 1 Quote Link to comment Share on other sites More sharing options...
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