The value of the rand has dropped more than six percent today, touching record lows of R16 to the US dollar and economists say investor confidence in South Africa is the lowest it’s been in 20 years.South Africa’s currency was shaken following the removal of Finance Minister Nhlanhla Nene on Wednesday night.
He’s been replaced with African National Congress (ANC) Member of Parliament David van Rooyen.
Sasfin market analyst David Shapiro says South Africa is on the brink of another recession as investor confidence has been dealt a major blow.
The rand has continued to slide dramatically against the major currencies, losing around R2 to the pound in just two days.A short while ago, the local currency dropped to around R24.02 to the pound, R15.85 to the dollar R17.38 to the euro. READ MORE>>>