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A government's debt, mostly in the form of long-term government bonds. The interest cost of this debt obviously reduces the proportion of revenue available for social spending. The national debt can be seen at: <a href="https://commodity.com/data/south-africa/debt-clock/">https://commodity.com/data/south-africa/debt-clock/</a>. The international ratings agencies (Fitch, Moodys and Standard & Poors) have downgraded South Africa to below investment grade because of the high level of the national debt. This means that the country has to pay higher interest on its debt. About 90% of the national debt is denominated in rands - which protects it against the weakness of the rand.

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