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Rand report: Rand trades timidly ahead of national budget speech
(Partner Content) After a multi-week bull run, the Rand experienced a significant pull-back against developed currencies. The general bearish global tone limited further gains for emerging market currencies.
After touching highs of R14.40 against the dollar, the USD/ZAR pair ended the week at R14.66. Equity markets ended mostly in the red, with the Johannesburg Stock Exchange (JSE) trading lower from previous record highs.
In the US, favorable economic data helped to generate fresh demand for the dollar. Retail sales growth came in at 5.4%, suggesting that consumer spending is on the rise. Inflation rose too, providing Republicans with a renewed interest in opposing the stimulus bill. However, rising weekly jobless claims helped to support the rationale for further fiscal spending. Minutes from the Federal Open Market Committee (FOMC) meetings also indicate that the Democrats remain on course to release their propose
Mboweni must cut spending âwithout fear or favourâ
Mboweni must cut spending âwithout fear or favourâ
By Lloyd Phillips
February 23, 2021 at 6:37 pm
Representatives of organised agriculture in South Africa have expressed their expectations for Finance Minister Tito Mboweniâs 2021/2022 National Budget Speech, which he is presenting on Wednesday, 24 February.
Photo: Flickr
With the Minister of Finance Tito Mboweni due to present his 2021/2022 National Budget Speech on Wednesday, 24 February, stakeholders in South Africaâs agriculture sector have expressed their expectations for this yearâs budget.
In a statement issued by Agri SA, the organisationâs head of economics, Kulani Siweya, said that with the South African fiscus under severe strain and a further downgrade of the economy by credit ratings agencies to be avoided âat all costsâ, Mboweniâs 2021/2022 budget speech provided an opportunity for a return to best practice.
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