The Times reports that, despite a relatively peaceful start to a strike at the world's three biggest platinum producers on Thursday, the rand fell to its lowest level in five years against most major currencies. The Association of Mineworkers and Construction Union (Amcu) brought almost the entire platinum belt in the North West to a standstill when its members commenced striking for a minimum wage of R12500 a month. Platinum is an important source of foreign exchange for SA and accounts for as much as 8% of total exports. In late trading on Thursday, the rand touched R11 to the dollar. The weaker rand will hit consumers soon as it now looks very likely that the petrol price will rise by about 30c/litre early next month, according to numbers from the Central Energy Fund. If the rand stays at current levels, it could get worse for motorists. Police spokesman Colonel Sabata Mokgwabone said the first day of the strike was peaceful and police were ready for any situation. "There were reports of intimidation and assault from the mines but no one has laid any charges."
- This report is at Times Live
- Read too, 'Rand breaches R11/$ for first time in over five years', at BDLive
No comments:
Post a Comment