JOHANNESBURG - The rand weakened on Wednesday after data showing business confidence in the country has collapsed, undermining a push by President Cyril Ramaphosa to kick-start growth after a decade of stagnation.
The South African Chamber of Commerce and Industry’s monthly business confidence index fell to its lowest level in 34 years in August, hurt by a sharp drop in export volumes and a weaker currency, the business body said. “Time is running out for the economy, as businesses that have lost hope will soon look for opportunities elsewhere, to the detriment of the South African economy.”
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