Old Mutual sees rand at R15.20 by end-2023

Old Mutual says the rand could rally “significantly” in the short term and is likely to settle at about R15.20/$ by the end of 2023, thanks to the reduction in SA’s sovereign debt risk and the likelihood of global interest rate hikes nearing an end.

“There’s more to come on the rand, perhaps significantly more in the short term — R15.20 is my end-2023 forecast [but] in the interim it is possible that the rand can get even stronger than that,” said Old Mutual’s chief economist, Johann Els…

Source: businesslive.co.za