Rand at 5-year low vs dollar

HavocXphere said:
As far as I can tell...you don't. Opening a bank account overseas seems difficult without actually being there.

Still I'd imagine there is a way. As a very simplistic example...I can jam 20 USD onto my Steam wallet...and that now sits there in USD and is thus immune to ZAR/USD movements. I'm sure one could do the same with a USD denominated stock broker account or something.
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Interactive Brokers does it and a handful of offshore banks do it but they require a minimum deposit.
 
House said:
I could be very wrong, and for the most part of it hope I am, but I suspect that within the next 5-10 years, the Rand will fall to an all-time low of about R35-R55 against the Dollar.
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I say R20 to the $ in 5 years.
 
Drunkard #1 said:
Government spending doesn't help, but it's not the biggest problem.

By far, this ****hole's biggest problem is simple: We haven't got anything to offer. We export a few minerals, but the value of those is shockingly low, and everything is in it's raw state. We export no ideas, because government policies chased away our best people. We export a few cars, but those factories are heavily subsidised by tax incentives. We export very little industrial equipment, because government's policies make it unattractive to produce anything here. In short we have nothing to offer.

Even when we look at our stock exchange, which is filled companies with great foreign earnings, we still can't keep the money in the country since those companies have huge foreign shareholders.

And yet "we demund" all the west has to offer. We buy TVs and machines and planes, all produced abroad, and all paid for in forex. Government has convinced the dumb peasants that they all deserve free BMWs and champagne and caviar dinners, even if they're only capable of digging holes or picking millies.

This isn't rocket science, it's basic supply and demand, and what it comes down to is that we live in a banana republic.

It's not going to get any better either. Government's policy of keeping the masses uneducated and loyal to the ANC, means that our economy will never expand or evolve. Without our mineral exports, the country will earn no forex, and those are declining fast. That deficit is coming soon to bite us in the arse.

We're ****ed, with no hope of recovery, just as you'd expect when the majority of the population has an IQ around 75. R 11 to the dollar is just the beginning.

Oh, and also there is much USD strength at the moment. (Because the US produces **** that people want to buy.)
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Not so drunk then
:p
 
Mortymoose said:
Any idea what a minimum deposit might be?
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Interactive Brokers is 10000$, Standard Bank Offshore is 5000$ (or something equivalent in pounds or euro), most of the other offshore banks are from 10000$ upwards.

You can open the account from South Africa, you just have to send certified documents by DHL.
 
Confused, pretty sure it has been over R13 to the dollar in the last 5 years.
 
f2wohf said:
Interactive Brokers is 10000$, Standard Bank Offshore is 5000$ (or something equivalent in pounds or euro), most of the other offshore banks are from 10000$ upwards.

You can open the account from South Africa, you just have to send certified documents by DHL.
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If you're gonna go the trading account route to store money in dollars you can pretty much go with any large forex broker(for safety).

oanda.com (1 dollar minimum deposit)
Fxcm.com (200 dollar minimum deposit)
 
Mortymoose said:
So how do you get your money out into a first world country? Still living here, but having a backup fund sitting on the outside for when go "Zimbabwe"?

Is there ever a chance that some kind of major banking crises could hit 1st world economies, worst than the one we saw a few years back?
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You dont have to move the money physically unless you expect the country to collapse just ask your investment broker to increase your foreign exposure that way you are protected from a Rand crash.
 
Beachless said:
You dont have to move the money physically unless you expect the country to collapse just ask your investment broker to increase your foreign exposure that way you are protected from a Rand crash.
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Agreed. On second thought, telling people to store some money in a trading account is like telling people to store money in a casino vault. Sure it might be safe if left alone, but if they ever ever attempt to actually trade they will lose most of it. Most people should put their money in professional hands.
 
Ryansr said:
Please remove the eye patches from your eyes and gain the knowledge that most of us in SA has become accustomed to. It is the mass fraud of public taxes by the current government led by the ANC that are to blame.
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What make you so upset and determined to defend Marcus, so you turned personal?
Marcus was working not for the country interest, but large banks and short-term interest of political elite. This is a fact. Do you want to take responsibility from Marcus and blame others? Yes, they are responsible, they appointed such a person, BTW. But Marcus is responsible for maintaining destructive policy which encourage for spending, not saving.
 
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Vrotappel said:
Nope its the result of a country not producing anything of value for the rest of the world.
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Come on! Everybody is responsible. You too.
More power, more responsibility. So Marcus is responsible even more. If you want to take out responsibility from Marcus, you must prove that Marcus did good things. I say that it was good for big commercial banks, not for the country. It was wrong policy, heading in the long term to disaster.
 
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sajunky said:
Come on! Everybody is responsible. You too.
More power, more responsibility. So Marcus is responsible even more. If you want to take out responsibility from Marcus, you must prove that Marcus did good things. I say that it was good for big commercial banks, not for the country. It was wrong policy, heading in the long term to disaster.
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High interest rates will improve capital inflow, something we should ween ourselves off as it is not sustainable. Low interest rates (in theory) should stimulate local business thereby improving unemployment, competitiveness, etc. Unfortunately interest rates is only one factor in the SA mix. There is no conclusive proof that high interest rates actually achieve anything.
 
f2wohf said:
Interactive Brokers is 10000$, Standard Bank Offshore is 5000$ (or something equivalent in pounds or euro), most of the other offshore banks are from 10000$ upwards.

You can open the account from South Africa, you just have to send certified documents by DHL.
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FNB offer a simple account thats linked to your cheque account called FNB global account. You can transfer from your SAR account into it and choose which currency.
https://www.fnb.co.za/travel-products/global-acc.html
 
Vrotappel said:
High interest rates will improve capital inflow, something we should ween ourselves off as it is not sustainable. Low interest rates (in theory) should stimulate local business thereby improving unemployment, competitiveness, etc. Unfortunately interest rates is only one factor in the SA mix. There is no conclusive proof that high interest rates actually achieve anything.
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The previous governor had different opinion to SA conditions. Since Marcus appointment monetary policy have been reversed completely. Marcus actually followed Obama move in US, but didn't take into account that South Africa is on the bottom of savings statistics and has different economy profile to the US (or it was intentional to benefit big commercial banks and political elite, as mentioned already). Whatever Marcus's intention was, in our conditions further encouraging spending was predicted by many as dangerous or even heading for disaster, but labour unions were happy, you seems were happy too...
 
I have to agree with the comments.

The economy is bleeding because of:

- Too stringent socialist policies
- Too stringent labour laws
- Corruption
- General mismanagement and incompetence

It has lead to a double deficit with nothing to show for it. It was a run to nowhere. ****ING IDIOT GOVERNMENT! A good start would be to get Zuma and his conspirators out. The ANC is too involved with mining. They love a weak currency!
 
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