South Africa's rand slips 1.5 pct after growth forecast cut - CNBC Africa

South Africa's rand slips 1.5 pct after growth forecast cut

Southern Africa

by Reuters 0

South Africa's rand slips 1.5 pct after growth forecast cut. Photo: Wikimedia

South Africa's rand slipped sharply after Finance Minister Pravin Gordhan cut his 2016 growth forecast on Wednesday to 0.9 percent, down from a previous forecast of 1.7 percent, citing a recent drought.

[Read S.A Finance Minister Pravin Gordhan's 2016 Budget Speech here: 

At 1220 GMT the rand was 1.6 percent weaker to 15.420 per dollar from 15.3350 before the budget began.

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