Tito Mboweni may have surprised a few with Wednesday’s budget speech. Many were expecting the rand to be rocked by a gloomy fiscal outlook, as it was already losing ground against the US dollar.
Our currency hasn’t had a great time of things lately. ZAR was pushed onto the back foot by Eskom’s load shedding schedules last week, as the dollar managed to firm against its South African counterpart. There were also struggles against other significant markets, as the rand hit R18.50 and R16 to the Pound and Euro respectively.
Tito Mboweni steadies the ship
However, losses against the greenback have been felt most keenly. The economy is somewhat jittery in Mzansi as forecasts of
However, his stern words for Eskom and a
How the rand performed during Tito Mboweni’s speech
Before the budget speech:
The rand was sitting at R14.12 to the dollar.
During the budget speech:
However, this plummeted by 2.27% to R14.36 when Mboweni mentioned tax revenue shortfalls.
— Newsbreak (@Newsbreak_Lotus) February 20, 2019
After the budget speech:
Shortly after the minister had finished his address, the rand had shored on R14.07 to the dollar at 15:45.
Pound, Euro and Dollar to rand value for Wednesday 20 February
(As of 16:00)
- £1 = R18.36
- €1 = R14.07
- $1 = R15.96
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