# South African Rand Plummets on Bleak Budget Projections - SA People

> The rand suffered its steepest fall in over a year after Finance Minister Mboweni forecast a 5.9% budget deficit and rising debt in his medium-term budget statement. The currency was down more than 2.4% at 14.98 per dollar, after an earlier 3% drop.

- Date: 2019-10-30 · published 2019-10-30T12:00:00.000Z
- Category: macro · region South Africa · magnitude medium
- Page: https://feedsoft.ai/events/56871-south-african-rand-plummets-on-bleak-budget-projections-sa-people
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

The sharp depreciation raises the rand cost of dollar-priced feed and feed ingredients for South African buyers. A likely ratings downgrade could add further pressure.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- sapeople.com: https://www.sapeople.com/news/south-african-rand-plummets-on-bleak-budget-projections/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.