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LequteMan
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The South African currency, Rand, has fallen to a record low a day after the sacking of the country's Finance Minister Nhlanhla Nene was sacked, Reuters reports.
The rand fell to below 15 to the dollar on Thursday morning and stock prices also fell in Johannesburg as trading began.
The South African economy has had a rough time of late. Last week, two credit ratings agencies downgraded their assessments of South Africa. Fitch reduced its rating to just above junk status and Standard and Poor’s moved its outlook from stable to negative.
Also, unemployment in the country is above 25% and the economy is growing very slowly.
President Jacob Zuma said that Mr Nene was being moved to “another strategic position” but reports suggest that his attempt to rein in spending may have unsettled some people loyal to the president. He has been replaced by David van Rooyen.
The rand fell to below 15 to the dollar on Thursday morning and stock prices also fell in Johannesburg as trading began.
The South African economy has had a rough time of late. Last week, two credit ratings agencies downgraded their assessments of South Africa. Fitch reduced its rating to just above junk status and Standard and Poor’s moved its outlook from stable to negative.
Also, unemployment in the country is above 25% and the economy is growing very slowly.
President Jacob Zuma said that Mr Nene was being moved to “another strategic position” but reports suggest that his attempt to rein in spending may have unsettled some people loyal to the president. He has been replaced by David van Rooyen.
