South African slump batters smaller neighbours protecting rand peg

South Africans aren’t the only ones struggling through the country’s economic slump. The fortunes of Lesotho, Namibia, and eSwatini, formerly known as Swaziland, are beholden to developments in their larger neighbor with their exchange rates pegged to the rand, the worst-performing major currency against the dollar this year. The three nations, together with Botswana, also derive revenue from a customs-sharing pool that gains and falls on South African trade.