South Africa's Rand Plunges as Moody's Warns on Fiscal Deficit
Published Aug 15, 2018 06:48AM ET
Updated Aug 15, 2018 07:40AM ET
South Africa's Rand Plunges as Moody's Warns on Fiscal Deficit
(Bloomberg) -- South Africa’s rand plunged against the dollar after Moody’s Investors Service said the pace of fiscal consolidation will be slower than government forecasts as weaker-than-expected economic growth and a rising public sector wage bill act as fiscal headwinds.
The rand declined 3 percent to 14.6698 per dollar by 12:46 p.m. in Johannesburg, bringing its loss this month to 9.5 percent, the most after Turkey’s lira among 24 emerging-market currencies tracked by Bloomberg.
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Written By: Bloomberg
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