Rand set for rocky ride with eyes on Tito Mboweni
Local currency’s 0.88% gain against dollar, plus easing inflation fear boost prospects for interest-rate cut
BL PREMIUM
27 October 2019 – 18:30
Fresh from a run of weekly gains pushing it to its best monthly gain since January, the rand could be in for a rocky ride as investors await details of finance minister Tito Mboweni’s plans to fix SA’s fiscal position and appease credit-rating agencies.
Mboweni’s medium-term budget policy statement (MTBPS) on Wednesday will probably confirm that a weak economy, tax-collection shortfalls and bailouts for state-owned enterprises such as Eskom will saddle SA with its widest budget deficit in a decade.
Source: businesslive.co.za