Bank opts out, rand falls
NZPA-NYT Johannesburg The value of South African currency sank dramatically yesterday after news that the Chase Manhattan Bank has decided to stop lending money to South African business. In what bankers called “hectic” and “panicky” trad-
ing, multinational and South African companies rushed to buy dollars, thereby knocking the value of the South African rand 11.5 per cent within a few hours. At its low point yesterday, the rand had plummeted 18 per cent in value in the 12 days since South Africa ordered a state of emergency.
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Press, 3 August 1985, Page 11
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93Bank opts out, rand falls Press, 3 August 1985, Page 11
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