South Africa stuck in a dollar trap

• South Africa will likely remain stuck in a dollar trap despite relatively low exposure to dollar-denominated debt
• The US dollar's dominance in global markets is being eroded, with experts citing the US's propensity for running current account deficits and the potential for tariffs on US imports as concerns
• Emerging markets like South Africa face challenges in reducing their reliance on the US dollar due to the scale, deep liquidity, and institutional effects of US capital markets