Brexit tourists: SA’s rand ranked 4th in strongest gains against dollar-mauled pound

As the Department of Home Affairs prepares to release tourism performance stats for the 2016 summer period on Wednesday - one of SA’s key source markets is feeling the pinch when it comes to global exchange rates.

On Tuesday, British Prime Minister Theresa May set out a speech on what the planned Brexit will look like. Fears about the impact of a British withdrawal have roiled global markets since Britain's public voted in June to leave the common market.

As a result the British pound has lost one-fifth of its value since then.

Excerpts of May's speech released by her office say she wants a new relationship with the EU and promises Britain will expand international ties. Most observers think she will opt for the so-called “hard Brexit”, which would entail leaving the single European market. As a survey of business execs by the Bertelsmann Foundation suggests, access to the single market is seen as the most advantageous assets to business, while red tape is a major downside.

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Source: Traveller24