Spanish and Italian government bonds weakened, as did more-speculative currencies like the South African rand.
Swaziland's currency is pegged to the South African rand, effectively subsuming Swaziland's monetary policy to South Africa.
The South African rand weakened to a fresh four-year low against the dollar.
Finance is scarce, and it doesn't help that currencies--now including the South African rand (see our editor-in-chief's comment, p. 13)--are debauched.
The South African rand weakened to a fresh four-year low against the dollar but then later strengthened after the country's central bank held rates steady.
Even if the dollar prices of platinum falls, producers could still get a reprieve if the greenback were to strengthen enough against the South African rand.
FORBES: Analysts: Too Soon For Platinum Tumble To Hurt Output, But 'Something...To Keep An Eye On'
Furious troops have gone on the rampage, demanding to be paid in American dollars or South African rand, the only currencies now accepted in many shops.
With an exchange rate of 6.7 South African rand to the dollar back then, South African producers would have been receiving near 11, 700 rand per ounce, Tremblay said.
FORBES: Analysts: Too Soon For Platinum Tumble To Hurt Output, But 'Something...To Keep An Eye On'
Any workable reform would start with a fiscal stabilisation, halt the furious printing of money, let a new currency float down to the unofficial rate, then probably peg it to a (relatively) solid currency, perhaps the South African rand.
While platinum prices have fallen in dollar terms over the last few months, fluctuations in the foreign-exchange rate between the U.S. dollar and South African rand have actually meant South African mining companies are effectively receiving a higher payment for their metal, Tremblay said.
FORBES: Analysts: Too Soon For Platinum Tumble To Hurt Output, But 'Something...To Keep An Eye On'
Determining the actual marginal cost of production is somewhat tricky since the commodity is priced globally in dollars, but the bottom lines for South African mining companies are ultimately determined by the price they receive in South African rand, with their expenses also paid in rand.
FORBES: Analysts: Too Soon For Platinum Tumble To Hurt Output, But 'Something...To Keep An Eye On'
With foreigners selling their South African assets, the rand is taking a knock.
Both companies are South African, and O'Brien likes the fact that the rand is declining versus the dollar, which improves profitability for South African miners.
Though the price of gold has crept up of late, the value of the rand has risen too, making South African exporters less competitive: since the beginning of 2003, the South African currency has risen by about 30% against the American dollar.
Harmony says no: scrap the Canadian link-up, cut costs by 15% in the South African mines, lift profits despite the strength of the rand.
The South African government promised to set up a commission of inquiry into the collapse of the rand .
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