Currency Note Worldwide

Bad day for the South African Rand

By Ricky Bean February 25th, 2016

The South African Rand plunged the most in six weeks against the US dollar after the Finance Minister Gordhan failed to convince investors that South Africa can avert a credit downgrade. His proposals were quickly dismissed as he suggested that income needed to pay for reforms would be made up in future tax; this is an idea that always sounds better in practise but largely avoids the current problem.

The Rand dropped as much as 3.2% yesterday – the largest drop in over a month.

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