Breaking News: ZAR plummets on South African budget policy statement

South Africa published Mid-Term Budget Policy Statement today. The country widened deficit forecast for 2019 to 5.9% of GDP while next year’s deficit is expected to rise to 6.5%. Debt is expected to climb to 71.3% of GDP during the next three years. Moreover, the country will provide troubled utility company, Eskom, with a 10 billion ZAR bailout. USDZAR reversed losses and surged around 1.5% on the announcement.

USDZAR surged after Medium-Term Budget Policy Statement was announced. Source: xStation5

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