South Africa's rand plunged to an all-time low on Monday (March 30) - slipping below 18 to the dollar.
That's after ratings firm Moody's cut the country's investment grade credit rating to "junk" on Friday (March 27), heaping more pain on a country already in recession and looking down the barrel of steep economic contraction amid the global coronavirus pandemic.
Moody's was the last of the big three agencies to downgrade Africa's most industrialized economy to sub-investment grade.
It had left South Africa on the brink of junk in November when it revised its outlook to negative but in February a national budget showed a worsening of the fiscal picture.
Output is also now set to be dented as workers have been told to stay at home for 21 days to prevent the spread of the coronavirus.
South Africa has reported over 1,000 infections and confirmed its second death on Sunday (March 29).
The treasury has raised the prospect of approaching the International Monetary Fund for emergency cash to fight the country's outbreak - which is the largest on the continent.
But accessing funds from multilateral organisations has long been unpopular with the government, and on Sunday the finance minister said they would only seek such assistance as a last resort.
💡 One News Page Knowledge: Other News Mentions
Coronavirus: South Africa bans alcohol sales again to combat Covid-19It is one of several restrictions introduced by President Ramaphosa amid rising infection rates.
South African church attack: Five dead after 'hostage situation'The church, on the outskirts of Johannesburg, was attacked amid reports of fighting over leadership.
Botswana gets first test results on elephant deaths
Credit: Reuters Studio Duration: 00:52Published
South Africa: Many in Johannesburg are going hungry
Credit: Al Jazeera STUDIO Duration: 02:34Published
South Africa eases lockdown to revive the economy
Credit: Al Jazeera STUDIO Duration: 02:40Published
Fireworks in DC as Trump vows to defeat 'radical left'
Credit: Reuters Studio Duration: 02:02Published
Singer's murder sparks Ethiopian unrest
Credit: Reuters Studio Duration: 01:22Published
Belgian King's 'deep regret' over Congo suffering
Credit: Reuters Studio Duration: 02:03Published
UK stabbing attack a 'terrorist incident': police
Credit: Reuters Studio Duration: 01:18Published
Zimbabwean firm rolls into global cigar market
Credit: Reuters Studio Duration: 02:26Published
You Might Like
Tweets about this
Related videos from verified sources