‘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

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

Tax ombud to probe Sars – yet again - after taxpayers complain

Tax ombud to probe Sars – yet again - after taxpayers complain

The Money Show’s Bruce Whitfield interviews Adv. Eric Mkhawane, CEO at the Office of the Tax Ombud.

The businesses that boomed and went bust on Business Unusual

The businesses that boomed and went bust on Business Unusual

Predictions, products and personalities featured in "Business Unusual" in the last three years.

Hits from the bong (it’s legal!)… then off to work I go?

Hits from the bong (it’s legal!)… then off to work I go?

The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The Money Show’s Bruce Whitfield interviews Mahlatsi Mahlase of the South African National Editors Forum (Sanef).

Solutionist Thinking: In Conversation with FirstRand's founders

Solutionist Thinking: In Conversation with FirstRand's founders

In the bonus episode of Solutionist Thinking with RMB, Bruce Whitfield speaks the founders of FirstRand, GT Ferreira, Laurie Dippenaar and Paul Harris.

Popular articles
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC Tshwane gives mayor ultimatum on non-compliant buildings

ANC in Tshwane has given the Executive mayor Solly Msimanga 48 hours to produce occupation certificates for three buildings.

[WATCH] Let's sing together, Baba Vark, doo doo doo, SA's version of Baby Shark

[WATCH] Let's sing together, Baba Vark, doo doo doo, SA's version of Baby Shark

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

'My daughter bought Spur shares when she was 10 years old' - Dr Adrian Saville

What does Citadel’s famed disciple of contrarian, deep-value investing Dr Adrian Saville hope for (and fear) about money?