The emerging-market sell-off may have already punished the rand, but it could get worse as traders fret about a push for land reform that may have far-reaching economic consequences and is catching the attention of world leaders. The currency plunged almost 10% against the dollar in August, its worst month in more than five years. Derivatives markets are signalling more pain to come as the economy teeters on the brink of recession and contagion from crises in Argentina and Turkey spreads. Traders are also increasingly nervous about the ANC’s plans for a constitutional amendment to permit expropriation of land without compensation. Most investors agree land redistribution is crucial to address lingering inequalities between white South Africans — who own 72% of commercial agricultural land, according to a state audit — and black citizens, almost 25 years after the apartheid system of government ended. But they are concerned about a lack of details and say it could undermine property ...

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