South African Budget Unease Triggers Rand Slump as Vote Looms

Uncertainty about a key vote on South Africa’s budget and what it portends for South Africa’s coalition government triggered a slump in the rand and bonds.

South African lawmakers are scheduled to vote on a key piece of budget legislation — the fiscal framework — on Wednesday afternoon, with talks between the African National Congress and the Democratic Alliance aimed at resolving their differences over a proposed tax increase at a standstill.