South Africa Rand Weakens to Extend Worst Annual Drop in 5 Years

The rand, the worst performer among major currencies against the dollar this year, weakened to extend the biggest annual slide since 2008 after a report that showed an expansion in South African money supply slowed.

Growth in the broadest measure of money in circulation in Africa’s largest economy decelerated to 6.3 percent in November from 7.1 percent a month earlier, the Pretoria-based South African Reserve Bank said. That’s the slowest pace since December 2012 and lower than the 6.9 percent median estimate of seven economists in a Bloomberg survey. Private sector credit extension slowed to 6.98 percent from 7.62 percent.