‘Rand dropped 20 cents before we finished reading that headline’

On Monday The Presidency ordered Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas to come back home in a one-sentence statement that provided no reasons.

Gordhan and Mcebisi was on a roadshow to the United Kingdom and United States to promote South Africa as an investment destination.

The rand weakened immediately when the news broke (see image below).

The Money Show’s Bruce Whitfield interviewed Standard Bank Chief Economist Goolam Ballim, RMB forex trader Greg Kennelly and Business Unity South Africa’s Jabu Mabuza.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

These roadshows are meant to soothe investor concerns… to give them the confidence that South Africa is on a stable trajectory.

Goolam Ballim, Standard Bank

Markets have sold off.

Goolam Ballim, Standard Bank

The ball is in the President’s court.

Goolam Ballim, Standard Bank

The rand was getting stronger then dropped 20 cents before we could finish reading that headline.

Greg Kennelly, Rand Merchant Bank

A weaker rand makes the cost of living go up and the Reserve Bank has to hike interest rates.

Greg Kennelly, Rand Merchant Bank

I’m in London with the Minister.

Jabu Mabuza, Business Unity South Africa

The unexpected and unexplained cancelling of the roadshow is ill-timed and ill advised.

Jabu Mabuza, Business Unity South Africa

We were invited by Government on this trip.

Jabu Mabuza, Business Unity South Africa

This is a good example of how to shoot yourself in the foot.

Daniel Silke, Political Futures Consultancy

President Zuma and the Guptas are under substantial pressure.

Daniel Silke, Political Futures Consultancy

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Article brought to us by Old Mutual.


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