President Cyril Ramaphosa to unveil economic recovery plan

JOHANNESBURG – The rand weakened more than 1 percent and breached R19 to the dollar for the first time this week as investors anticipated South Africa’s stimulus package amid the coronavirus (Covid-19) pandemic.

The domestic currency is to remain under pressure if the government’s economic recovery plan fails to boost confidence as a plunge in U.S. crude oil futures to below zero sapped risk appetite.

President Cyril Ramaphosa will today finally unveil the government’s economic recovery plan as part of the national response to the coronavirus (Covid-19) pandemic.