IMF reports no exact cause to rand collapse

IMF economists have concluded that no clear answer existed for the rapid depreciation of the South African rand between September and December of 2001.

Using a complex set of economic models, an IMF paper identified a vague combination of "financial market developments" as a likely contributor to the rand's drop.

Authors Ashok Bhundia and Jan Gottschalk concluded "Essentially, we find that financial market developments are the most likely source of the depreciation, but the exact cause remains