The rand declined for a ninth day, weakening to a four-year low, as violent protests at a South African chrome mine renewed concern that labor disruptions will cut mining output and slow economic growth.
Deogratias Mutombo Mwana Nyembo, who became Democratic Republic of Congo’s central bank governor last week, may boost efforts to extend financial services to more of the country’s 70 million people, an industry group said.
South African stocks fell, the third- worst performing equity market globally, after the nation’s largest provider of unsecured loans increased bad-debt write- offs, hurting other lenders and retailers.
The rand depreciated to the lowest in more than four years against the dollar amid speculation slowing inflation will give South Africa’s Reserve Bank room to lower borrowing costs, reducing the currency’s yield advantage.
Zimbabwe’s Movement for Democratic Change party will reverse a law forcing foreign and white-owned companies to sell 51 percent of their shares to black Zimbabweans if it wins this year’s election, Prime Minister Morgan Tsvangirai said.
Sierra Leone, the African nation rebuilding its economy a decade after the end of a civil war, is benefiting from slower inflation and a stable currency as borrowing costs tumble and growth accelerates.