I also delivered two other standalone statements outside the Monetary Policy Committee (MPC) cycle – one in April 2020 and the other in May 2021, the latter at the peak of the second (Delta) wave of COVID-19. These off-cycle meetings and standalone statements demonstrated the Reserve Bank’s readiness to Blinder et al (2022); Central Bank Communication with the General Public: Promise or false hope?
After adjustments for these price differentials, the rand probably declined at a roughly estimated 3% in real terms over the same period. The weakness of the rand was largely related to developments outside the borders of South Africa. In particular, the exchange rate of the rand was seriously affected by the strength of the US dollar.