South African Markets Roiled as Zuma's Assurances Come Too Late

  • Rand pares drop as President says fiscal prudency to remain
  • Zuma comments made after stocks plunge in worst week in a year

South Africa’s Rand Weakens Post Finance Minister Change

While South African President Jacob Zuma’s pledge to stick to spending targets after firing his finance minister helped to stem losses in the country’s currency, it came too late for the nation’s equities and bonds, which had already shut for trading.

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