Rand left reeling following #feesreport

JOHANNESBURG – The rand was yesterday left reeling-shedding 2% against the US dollar amidst rumours that President Jacob Zuma will push through plans for free university education, against the advice of the commission of inquiry into the feasibility of free education he had set up last year.

The resignation of Treasury’s head of the Budget Office also caused unease in the markets, with the Presidential Fiscal Committee seemingly assuming more budgetary powers.
The local currency which was bid at R14.36 at the opening of the markets yesterday weakened to R14.52 by 5pm.

The rand also weakened significantly against …read more