Reserve Bank says further weakness likely; rand plummets to a record low
The rand plummeted to a record low on Thursday after the Reserve Bank hiked rates to a 14-year high and stoked market fears about the outlook for the currency and for the economy.
In a rare unanimous decision, the Bank’s monetary policy committee opted for a 50 basis point rate hike, in an effort to curb an inflation outlook which has worsened on the rand’s sharp slide in recent weeks...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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