EFTA Document EFTA01379449

11 December 2017 Special Report EMFX Outlook 2018: Growth-led Revaluation ZAR is one of the cheapest currencies in the world on the aggregate of our three valuation metrics -Meet FUR PIPP -age CO( INN IIWy Nip Brut  Rua SOD AuD uscw,K San. DM. SOW ant able. chapat JPY TRY aerency ZAR Mn. PLN SEK EUR CAD HUE stosnow COP) PEN GOP e name a -P Pen apt* Two Pavelent to • co 1118 Mawr anal' South Africa's trade balance has moved to a record- high surplus, compress