Rand and bonds extend earlier losses as Mboweni tables medium-term budget

The rand extended losses on Wednesday afternoon as finance minister Tito Mboweni began the medium-term budget policy statement before parliament.

At the start of Mboweni’s speech at 2pm, the rand had weakened 0.75% to R16.3239/$. By 2.28pm, it had weakened 1.45% to R16.4389/$, 0.88% to R19.2663/€ and 0.65% to R21.2575/£.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Investors and the ratings agencies can see this government is not serious about reform .... still throwing money down the SAA drain. Money we do not have to waste!

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