Rand Sinks as a Downbeat Moody’s, Naspers Spur a Perfect Storm
JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand was battered by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the Johannesburg Stock Exchange. The currency sank as much as 3.4 percent against the dollar after Moody’s said the pace of South Africa’s fiscal consolidation will be slower than government forecasts due to weaker-than-expected economic growth and a rising public sector wage bill. The statement…
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