Reply to thread

Message: [QUOTE="Munyaradzi Mafaro, post: 32021, member: 636"] The South African rand hit rock bottom yesterday against the British pound. The rand fell to R25.04 per pound as money people worried about South African tax plans and trade problems. Everything started going wrong when lawmakers passed a new Budget on April 2. Finance boss Enoch Godongwana pushed for higher taxes, which barely passed with 194 votes beating 182 votes against it. Markets freaked out because they feared the team-up government might break apart soon. People rushed to sell South African stuff fast, causing the biggest market crash in five years on April 3. The situation got worse when Donald Trump slapped huge taxes on South African goods two days later. These new 31% fees hurt trade with America, which buys loads of South African products. Reuters said these price hikes plus home troubles made the market go crazy. Money from all around the world ran away to safer places like Japan and Switzerland instead. Money expert Andre Botha explained that both local government fighting and world trade problems hit the rand hard at once. He pointed out that a weaker dollar made everything worse for South African money values. South Africa faces big challenges trying to fix its money problems right away. The country must somehow calm down scared investors during these shaky times. Both home issues and world money shifts keep pulling the rand down each day. The mix of bad politics and tough trade rules has created perfect storm conditions for South African cash values. These combined money threats show just how hard South Africa must work to bounce back. Building trust takes time, but currency values change by the minute. All these problems came together at exactly the wrong time for South African money markets. The pressure keeps building from both inside the country and from outside forces beyond anyone's control. [/QUOTE]

Name