The rand headed for a near four-year low, stocks tumbled and bonds slumped as concerns about a looming credit-rating downgrade to junk compounded fears about the effect of the coronavirus on the country’s economy.
This as news broke that two South Africans working on a Japanese cruise ship had tested positive for the new coronavirus.
The department said it would be best for the affected to be treated in Japan “until they are fully recovered from the virus and are no longer contagious before they travel again.” “Emerging-market currencies are the conduit for fear” about the effect of the virus, said Nema Ramkhelawan-Bhana, an analyst at Rand Merchant Bank in Johannesburg.The rand weakened for a fifth day on Friday, falling as much as 1.4%. It was at 15.6610 a dollar as of 11.48am in Johannesburg, the lowest on a closing basis since May 2016.
Even with the spending cuts, government debt will continue to climb over the next three years as weak economic growth curbs tax collections, Finance Minister Tito Mboweni said on Wednesday.None of the affected individuals has been diagnosed with the virus nor have they exhibited any symptoms thereof.Meanwhile, President Cyril Ramaphosa on Thursday ordered the repatriation of citizens from the Chinese city of Wuhan.
“None of the affected individuals has been diagnosed with the virus nor have they exhibited any symptoms thereof. Upon arrival in South Africa, they will be placed in quarantine for 21 days as an additional precautionary measure.” The West African nation of Nigeria confirmed its first case. The only other country on the continent to report a confirmed case is Algeria.
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