Rand | Radio 94.7 FM

SA has a national debt of R3 trillion rand and tax deficit of R53 million

Posted on November 5, 2019 Leave a comment

Following the disappointing mid-term budget speech by Tito Mboweni, the Rand reached its lowest level in weeks. Eskom’s rescue plan has nowhere really figured in either Pravin Gordan’s submission or Mboweni’s budget reason.

The government’s financial situation is rapidly deteriorating with the national debt of R3 trillion and a tax deficit of R53 billion.

Moody’s is therefore expected to downgrade the country to negative from where it currently stands at stable.

However, there are fears that Moody’s will downgrade the country directly to junk status which will affect Government bonds as the Citigroup’s World Government Bond Index contains only investment-grade securities.

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The weak Rand makes investors move away from the currency, now rely on gold instead

Posted on September 5, 2019 Leave a comment

The rising gold price, the weak Rand that just can’t lift its head, coupled with the uncertainty over the country’s economic situation, has moved investors away from the money unit.

Currently, Investgold is selling up to 5,000 gold coins per week, which is a strong indication that confidence in the Ramaphosa regime is continuing to decline.

Gold mining companies have also begun to focus on the trend of a gradual upturn in the price of precious metal, which has now reached its high price over the past five years.

The Rand, which is also showing its worst against the dollar since 2016, has forced investors to play safe and trust gold instead.

In November last year, the gold price was still at $ 1,150 an ounce, but is currently at $ 1,526, which is the highest for the past decade.

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Economic recession awaits SA due to poor performance of the rand and begging mentality of state entities

Posted on June 11, 2019 Leave a comment

South Africa’s economy is plunging into an abyss, and the recession looms on the doorstep of SA’s door.

This is the opinion of an expert in Pretoria following the extremely poor performance of the rand and the begging mentality of state-controlled companies.

The latest plea from the SA Airways, asking the ANC-regime for a R4 billion bailout, will put the country in a recession, if granted, and will force Moody to downgrade the country to junk status.

Economists warn that SA Airways will not rise from its financial difficulties even if a bailout is received, and will eventually have to be sold due to mismanagement by incompetent chief officers appointed.

-Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.

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