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Rand's Losses Deepen After Confirmation Of FATF Graylisting

ZAR

Spot USD/ZAR has extended gains on confirmation that South Africa has been graylisted by intergovernmental money-laundering watchdog FATF, which said it will work with the country to address dirty-money concerns.

  • The pair last trades ~1.1% or some 1,920 pips higher on the day at ZAR18.4134 after hitting new multi-month highs at ZAR18.4419. Topside technical focus falls on the ZAR18.5024-18.5815 area which capped gains in autumn last year.
  • Local-currency bond yield curve has bull flattened, with South Africa's 10-year breakeven inflation rate last seen at 6.15%.
  • The FATF's decision signals to international investors that South Africa's anti-money laundering policies are not up to standard, raising the risk of capital outflows.
  • The decision was not entirely unexpected, with Finance Minister Godongwana flagging the risk of graylisting in his recent budget speech.
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