Rand Stages Biggest Drop Since Late May as Cabinet Picks Awaited [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The currency fell as much as 1.5%, the steepest drop since the aftermath of the elections on May 30, to trade at 18.24 to the dollar. The yield on benchmark bonds rise 13 basis points to 11.3%. The announcement is expected in the coming days following negotiations to form a so-called government of national unity since the African National Congress lost its parliamentary majority in May 29 elections. Seven political parties accepted the offer and agreed to back Ramaphosa's reappointment as president in exchange for being allocated other posts. Warrick Butler, head of foreign exchange trading at Standard Bank of South Africa, said the week has started off with some nervousness around the announcement and “as with any uncertainty within points of influence, the market doesn't take it well and so the rand has started off on the back foot,” he said. “We have yet to see strong demand for South African assets from the offshore real money community and I expect this will change if we g
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