Amid increased anxiety over Ramaphosa’s white farmer land confiscation and reports of a $4.2 billion bailout of state-owned enterprises, the Emerging Market rout in Turkey has sparked a collapse in the Rand in early Asia trading.

The Rand crashed 10% against the dollar almost instantaneously as Asian FX markets opened…

As Bloomberg reports, South Africa is planning a 59 billion-rand ($4.2 billion) bailout for state-owned companies including the post office, arms manufacturer Denel SOC Ltd. and South African Airways, the Johannesburg-based Sunday Times reported, citing unidentified government officials.

The contagion from Turkey’s collapse is not helping as broad-based EM liquidations are dragging everything lower…

As the Emerging Market FX rout continues…

 

And offshore Yuan is sliding…

 


Source: Zero Hedge | South African Rand Flash-Crashes 10% As Turkey Contagion Spreads

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