Rand weakens after SA’s Budget, while early US interest rate cut pushed back

STANLIB Podcasts
26/02/2024 8 min
Rand weakens after SA’s Budget, while early US interest rate cut pushed back

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Episode Synopsis

The rand weakened by just over 2% after SA’s National Budget, reacting to the decision to access R150 billion of the Gold and Foreign Exchange Credit Reserve Account (GFECRA). The main reason was that government failed to stipulate how debt would be controlled in future or give assurances that the funds would not be squandered. Meanwhile, hopes of an early US interest rate cut have ebbed, due to still-high inflation data and a strong labour market. In fact, there is even a possibility of another interest rate hike.

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