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Market Turmoil Makes South Africa's Rand a Buy for BlackRock

  • World's biggest money manager sees `amazing' opportunities
  • Rand set to strengthen after Fed raises borrowing costs
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A “panic” selloff of African currencies and fixed-income assets has made South Africa’s rand a buy for the world’s biggest money manager.

The recent market turmoil represented a “dramatic overshoot” and means that the continent offers “some amazing investment opportunities,” Scott Thiel, the London-based deputy chief investment officer at BlackRock Inc., said in a speech in Johannesburg on Monday.