‘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 THE NEWSROOM

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Black Friday sales better than just about any economist expected

Black Friday sales better than just about any economist expected

We shop, therefore we are... The Money Show’s Bruce Whitfield interviews FNB Senior Economist Jason Muscat.

You can definitely teach creativity! – Rob Stokes (Red and Yellow )

You can definitely teach creativity! – Rob Stokes (Red and Yellow )

The Money Show’s Bruce Whitfield interviews Red and Yellow Creative School of Business Chairperson Rob Stokes.

Made some money with Bitcoin? Sars is coming for you…

Made some money with Bitcoin? Sars is coming for you…

The Money Show’s Bruce Whitfield interviews Sars Head of Tax Research Randall Carolissen.

Facebook has a problem and it is us

Facebook has a problem and it is us

Facebook’s change to what gets shown in your newsfeed will affect many businesses, but the problem is almost 100 years old.

Ramaphosa has turbo-boosted the rand. Enough for interest rates to come down?

Ramaphosa has turbo-boosted the rand. Enough for interest rates to come down?

The Money Show’s Bruce Whitfield interviews Stanlib Asset Management Chief Economist Kevin Lings.

No land, or farming skills? Got R8000? Here’s how to own cattle…

No land, or farming skills? Got R8000? Here’s how to own cattle…

The Money Show’s Bruce Whitfield interviews Ntuthuko Shezi, founder of a company that raises cattle on small investors' behalf.

Popular articles
Almost 30 million SA ID numbers compromised after site hacked

Almost 30 million SA ID numbers compromised after site hacked

Independent Marketing Consultant in the Technology Space, Andrew Fraser says this looks like a leak and not a hack.

Signal jammers and other devices confiscated at China Mall

Signal jammers and other devices confiscated at China Mall

Several communications devices were confiscated from businesses in a raid by Icasa at China Mall on Wednesday.

Michael Jordaan (ex FNB CEO, ex Chair of Mxit) bares his soul about money

Michael Jordaan (ex FNB CEO, ex Chair of Mxit) bares his soul about money

The Money Show's Bruce Whitfield interviews Rain Director Michael Jordaan about his money beliefs and history.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.