The rand has taken a dive after Finance Minister Pravin Gordhan presented his Budget Speech in Parliament on Wednesday.
The currency was trading over 30 cents lower at around R15.66. Many analysts had expected Gordhan to announce details of personal tax increases in his budget.
Gordhan did say he expected an increase in tax revenue of R18 billion in the financial year. However, he did not provide detail of personal tax increases for high income earners.
Watch video below on how the media reacted to Gordhan’s speech:
The Democratic Alliance’s (DA) David Maynier says the budget speech did not make a strong enough statement in announcing new measures to boost the economy and avert a credit ratings downgrade to junk status.
Maynier added that it was not a budget that he believes is going to stimulate the economy and thereby make provision for the 8.3 million people who are unemployed in South Africa.
Listen to Maynier below:
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