The Rand is under enormous pressure, mainly due to international factors such as tensions between China and the US, as well the chaotic Brexit situation. (Currently R15.27/USD)
Locally, time is running out for the government to avoid a Moody’s downgrade in November (Review is scheduled for November 1.). Recent bail-outs of Denel, SAA and SABC will not sit well with the ratings agency, and nothing significant has happened with the Eskom situation. Some folks have already accepted a downgrade as inevitable.
However, a recent Bloomberg survey indicated that the majority of people polled believe that we will not be downgraded as our outlook is stable and not negative, and Moody’s rarely does a ‘double drop’. We will certainly know in a few weeks from now.
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