If you had told the average South African a year ago that he would have to pay close to 10 of his rand for every US dollar by the end of 2001, you would have been dismissed as a prophet of doom.

A continuing softening in the value of the South African currency was generally expected, yet the rand has devalued by almost 30% in the past year. Much of that fall took place in the months following the terrorist attacks in New York and Washington on September 11.