South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg January 17, 2013. REUTERS/Siphiwe Sibeko

SA rand slumps

JOHANNESBURG. — South Africa’s rand fell more than 2 percent yesterday and government bonds fell, after the economy slipped into a recession in the second quarter.
At 0944 GMT, the rand traded 2,25 percent weaker at 15,2150 versus the dollar.

The economy contracted by 0,7 percent in the second quarter, pushing the country into recession after a revised 2,6 percent contraction in the first quarter, data from Statistics South Africa showed. Analysts polled by Reuters had expected second-quarter economic output to rise by 0,6 percent. Yields on the benchmark bond maturing in 2026 rose 11 basis points at 9,110 percent.

Source :

The Herald

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