Rand volatility not driven by South African economic ‘surprises’ – IMF paper

Cape Town, South Africa

Volatility in the price of the South African rand versus the US dollar is "mainly driven" by commodity price volatility, global market volatility, domestic political uncertainty and "economic surprises" from the US, "but not those originating" from South Africa, Europe or China, a working paper published by the International Monetary Fund on October 17 finds.

In their paper, Surprise, surprise: what drives the rand/US dollar exchange rate volatility?, authors Nasha Maveé, Roberto Perrelli and

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