Emerging Market Update: Diamond In The Junk
The Rand has weakened further today. This follows rapid, high-level developments over the weekend. Moody's downgraded SA to full junk status on Friday and kept its outlook negative. Furthermore, on Saturday, the SARB Governor approached the IMF to discuss borrowing. However, some analysts do not expect the ZAR weakness to continue much further because of developments in the Bond Market and the preemptive monetary policy actions already undertaken by the South African Reserve Bank.
To discuss how the above may affect your money transfer requirements, please contact your Currency Dealer at Heritage Pay on +44 (0) 207 117 2934.
None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.