The rand, which defied a stagnant domestic economy to post an annual gain in 2019, could drop by almost a third in 2020 if SA loses its last investment-grade rating as is widely expected, according to one of the country’s largest wealth managers.

A downgrade would send shock waves through bond markets, Citadel’s chief economist, Maarten Ackerman, said in a research note on Tuesday. SA’s fiscal picture is bleak and deteriorating, and the government hasn’t yet been able to get any real traction in dealing with the structural issues strangling the economy, he said...

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