SA has no time to waste in reversing the dismal growth performance
The rand has gained about 3% since March 28, the day before Moody’s Investors Service decided against issuing a scheduled review of SA’s rating. That has made it the best performer among major currencies. At the bottom, Turkey’s lira has dropped 1%.
One of the things that differentiates SA from Turkey, which Moody’s Investors Service has in the junk bracket, is the existence of a truly independent central bank. One of the things that differentiates SA from Turkey, which Moody’s has in the junk bracket, is the existence of a truly independent central bank, irrespective of whether we agree with its individual policy decisions or not.
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