Today's Big Stories

Spat between Gordhan, Hawks, Sars 'having big impact on economy', says Cairns

The rand lost some value over the weekend amid the so-called 'tug of war' between Finance Minister Pravin Gordhan, President Jacob Zuma and Sars Commissioner Tom Moyane.

Currency strategist John Cairns on Monday said the ongoing dispute is having a significant impact on the South African economy.

According to Cairns, the rand started to dramatically weaken this past Friday and performed a lot worse than other emerging market currencies.

Listen to the full conversation from The Midday Report with Stephen Grootes:

The market is very nervous at the moment and needs some clarity on this political issue.

John Cairns, Currency Strategist at Rand Merchant Bank

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