On May 12, the South African currency hit a new all-time low of ZAR19.51:US$1 against the US dollar, following accusations by the US ambassador to South Africa that the country had secretly supplied weapons to Russia.

The rand has depreciated by over 12% since the start of the year and by more than 5% in just one week. South Africa's GDP is now projected to contract by 0.2%, down from the earlier positive projection of 0.3%, according to JP Morgan. The country denies the allegations of supplying ammunition to Russia, and some economic commentators warn of dire consequences if the US decides to retaliate.