Business confidence in South Africa dropped to the lowest in more than two decades in December as the rand plunged to a record low after President Jacob Zuma appointed two finance ministers in four days.

The sentiment index compiled by the South African Chamber of Commerce and Industry declined 3.1 points to 79.6 last month, the lowest level since June 1993. The rand fell to below 16 to the dollar for the first time and the benchmark stock index lost 170 billion rand ($11 billion) in the two days after Zuma unexpectedly fired Nhlanhla Nene as finance minister on Dec. 9 and then removed his successor four days later.

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