Rand slowly recovers amid news of recession

JOHANNESBURG - The rand continued to recover on Friday morning.

A narrowing of the current account deficit has helped ease some of the shock over the country’s recession.

Figures released on Thursday show the gap between exports and import have narrowed.

BREAKING: SA economy in recession

Currency experts foresee some relief for the rand and fellow emerging markets, following the sharp decline last month.

But the weaker currency could still result in petrol price increases and earlier-than-expected interest rate hikes.

Ratings agency Moody’s has cut its growth forecast for the economy from 1,5 percent to as low as 0,7 percent.

Source
eNCA