South Africa: Disturbing Signs Of Disarray After Mandela

South Africa's ugly brush with foreign-exchange markets raises some tough questions about its future. The rand, battered for weeks by a severe bout of Asian flu, hit a record low of 6.75 against the dollar on July 6--a loss of 28% since the start of 1998--just 48 hours after African National Congress stalwart Tito Mboweni was named to replace Christian L. Stals as governor of the Reserve Bank.

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