ZAR payments: How expats can minimise exchange rate losses
The past year hasn’t been a glorious period for the South African Rand. Compared to the USD, GBP, EUR, AUD and NZD, the ZAR lost significantly.
In 2015, the South African economy grew by 1,3%, down from 1,5% in 2014 and 2,2% in 2013. The slower economic growth was attributed to drought, which caused the agricultural sector to contract. Due to the ZAR’s weakness the mining sector, which produces a significant amount of materials for the export market, grew by 3%. This also stimulated trade (+1,4%).
About 41 000 South Africans live in New Zealand, more than 82 000 in the United States of America, over 145 000 live in Australia and the UK is the number one emigration destination with over 220 000 South Africans living there.
