Business, Politics

Rand drops to two-week low amidst capital inflow tax concerns

By Andy Rice 4 August 2010

The rand has depreciated to its lowest in two weeks on speculation that South Africa may introduce measures including a tax on capital inflow to curb the strength of the rand. The discussions about the possibility of weakening the rand are contained in a document posted on the ANC's website. The rand is the second-highest performing currency since the beginning of 2009, but the ANC says these gains are hurting exports. Read more: Bloomberg