Currency exchange

[milomak]

DJK explains it far better than my lazy answer

 

[Kaiser]

$100? Lol... The banks want your dollars no matter where they come from. No one in their right mind wants their business being ZAR based if they can possibly avoid it. $10 000 is small change to the bank, and many individuals at that.

 

[Kaiser]

No you don't, I buy dollars when I go to Angola without a fuss

Ok, that's true. Basically, proof that you're going to any country that deals a lot in USD. No African country wants their own worthless currencies.

 

[DJ...]

No one in their right mind wants their business being ZAR based if they can possibly avoid it.

Can you elaborate on this a bit? You seem to know a lot about business to make such a bold statement, but any businessman would probably tell you differently - curious as to what you can teach us...

 

[DJ...]

No African country wants their own worthless currencies.

Are you implying that the rand for example is dollar backed (or EUR or GBP etc), economically speaking? Or that it should be at least? That makes absolutely no sense at all - that would be colonialism all over again. SA would want the value of its own currency to increase, and holding on to FX in favour of its own currency defeats that purpose...

 

[Drunkard #1]

Of course it's forex backed, the gold standard died last century.

 

[DJ...]

Of course it's forex backed, the gold standard died last century.

Single currency backed was my question - hence my colonialism suggestion - thought that was pretty obvious. And there is still a correlation between gold and ZAR, just that they just don't track as closely as they used to.