Downgrade possible if Gordhan removed from his office- expert

Rand has plummeted losing 3% at one point after Finance Minister Pravin Gordhan summoned for fraud by the National Prosecuting Authority (NPA) to appear in court in November.

The allegations that there is an attempt to remove Finance Minister Pravin Gordhan from his office in order to get access to the office of the National Treasury make South Africa less investment friendly. This according to emerging markets economist at Nomura investment bank, Peter Attard Montalto.

Montalto says a possible downgrade is possible if Gordhan get removed from his office.

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The news that Pravin Gordhan has been issued with a formal summons has been met with shock & concern.

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At 11am, the rand traded at R14.24 to the dollar, R15.81 to the euro and R17.51 to the pound.

Pravin Gordhan issued with summons to appear in court in November

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Minister of Finance Pravin Gordhan has been issued with a summons for fraud.