Reported 2 days ago
South African stocks and the rand dropped significantly after lawmakers postponed the annual budget presentation due to a tax dispute, raising questions about the stability of the coalition government. The Democratic Alliance refused to support an increase in the Value-Added Tax from 15% to 17%. The revised budget will now be delivered on March 12, marking the first delay of such a speech since apartheid ended in 1994. Concerns about the coalition's unity emerged, yet some analysts believe the market may recover if the coalition remains intact.
Source: YAHOO