020 7898 0500The 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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