Question
I gave someone a loan of R33,000 in 1998. To date the debt has not been paid. If the debtor decides to pay me today, how much should he pay?
Answer
In 1998 the value of gold was R1,878 per ounce. The current value is R27,627. Due to the massive discrepancy, the Rand of 1998 is in reality extinct. The current 'rand' is not even a shadow of the 1998 Rand's value. The debtor has to pay approximately R490,000.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 26 No 02
- PDF page
- 11
Appears under VALIDITY OF (approximate).