Arab Today, arab today south african currency plummets after moodys downgrade
Last Updated : GMT 18:13:02
Arab Today, arab today
Arab Today, arab today

South African currency plummets after Moody's downgrade

Arab Today, arab today

Arab Today, arab today South African currency plummets after Moody's downgrade

Moody's
Johannesburg - XINHUA

The South African rand on Friday slipped to a session low of 11.275 rand per U.S. dollar, its weakest since October 6 following Moody's downgrade of the country's credit ratings.
By 8:27 a.m. Friday, the rand traded at 11.2635 rand per U.S. dollar, 0.04 percent off its New York close of 11.259 rand.
Market analysts described the rand's depreciation as the direct result of the downgrade.
On Thursday, Moody's Investors Service (Moody's) downgraded South Africa's investment grade credit ratings to "Baa 2 / P-2" from "Baa1 / P-2".
Moody's revised the country's credit outlook to stable from negative.
Moody's decision keeps South Africa's rating in investment grade.
Moody's said its decision to change the outlook to stable reflects South African policymakers' commitment to reining in government debt growth over the medium term and the broad political support for a macroeconomic strategy, including the National Development Plan, tighter monetary policy and fiscal restraint, which should help stabilise the debt burden over the medium term.
The South African National Treasury said the government noted Moody's decision and recognised that economic growth had slowed down and there was a need to implement growth-inducing initiatives.
"The medium-term strategic framework prioritises initiatives that will boost investment, including major projects in rail, energy and ports," the Treasury said.
"Government will continue to make the tough decisions that are necessary to address our challenges. Furthermore, focus in the medium term will be on accelerating the structural changes that are already under way and whose impact will support economic growth," the Treasury said in a statement.
The statement said the government was committed to narrowing the budget deficit, stabilising debt and rebuilding the fiscal space that enabled South Africa to escape the worst effects of the global economic crisis.
"Government will continue to make the tough decisions that are necessary to address our challenges so we can build on the gains we have made over the past 20 years to improve the lives of our people."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south african currency plummets after moodys downgrade Arab Today, arab today south african currency plummets after moodys downgrade

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south african currency plummets after moodys downgrade Arab Today, arab today south african currency plummets after moodys downgrade

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday