Land expropriation without compensation in South Africa devalues Rand

Land expropriation without compensation in South Africa devalues Rand, by Ana Montiero.

South African lawmakers agreed to the principle of land expropriation without compensation, and will review the Constitution to cater for this. …

The ANC has previously put a caveat on expropriation without compensation, saying that it will only be done to boost food security and if it doesn’t harm the economy. South Africa is also unlikely to have Zimbabwe-style land grabs. …

The rand weakened 1.4 percent to 11.7201 against the dollar by 5:35 p.m. in Johannesburg, making it the worst-performing major and emerging-market currency on the day.

hat-tip Stephen Neil