'Banks have lost about R83bn today over political uncertainty'

The global economy has responded negatively to the news of South Africa's Cabinet reshuffle, says Banking Association of SA MD Cas Coovadia.

Coovadia says that South African banks lost approximately R83 billion on Friday alone following the announcement.

It means that confidence in this country has eroded, people have no certainty about politics and policy and so they don't want to invest here, they are pulling their investments out.

Cas Coovadia, MD of Banking Association of SA

He dismissed conspiracy theories around the economy and performance of the rand.

We must get away from the sloganeering. We must begin to get real and stop throwing slogans around, whether it's white monopoly capital or radical economic transformation.

Cas Coovadia, MD of Banking Association of SA

Take a listen to Coovadia explain the consequences for South Africa's economy:


This article first appeared on CapeTalk : 'Banks have lost about R83bn today over political uncertainty'


Recommended

by NEWSROOM AI

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
Impact of Cabinet reshuffle examined

Impact of Cabinet reshuffle examined

Political analyst Nomphumelelo Runji says reshuffle highlights Zuma's isolation within the ANC.

Zuma is inept President, says grieving Barbara Hogan

Zuma is inept President, says grieving Barbara Hogan

Ahmed Kathrada's widow and former Cabinet member Barbara Hogan says the President's reshuffle is a defining moment in SA history.

Zuma's Cabinet reshuffle a low blow on SA's poor, says Archbishop Makgoba

Zuma's Cabinet reshuffle a low blow on SA's poor, says Archbishop Makgoba

Archbishop Thabo Makgoba says that poor South Africans stand to lose the most following President Jacob Zuma's Cabinet reshuffle.

Guptas gave us business opportunities, while our comrades didn't - Maphatsoe

Guptas gave us business opportunities, while our comrades didn't - Maphatsoe

Deputy Defence Ministe Kebby Maphatsoe says reshuffling Cabinet is a president's prerogative and MK Vets unashamed of Gupta ties.

Ramatlhodi relieved Zuma removed him from Cabinet

Ramatlhodi relieved Zuma removed him from Cabinet

Until now Ramatlhodi says he hasn't received any communication as to why he was removed in Zuma's latest midnight purge.

Cabinet reshuffle will make South Africans poorer- economist

Cabinet reshuffle will make South Africans poorer- economist

Economists say international markets will see the removal of Finance Minister and his deputy as an attack on Treasury.

Popular articles
Are you ready to 'Walk the Talk' with 702 & MTN?

Are you ready to 'Walk the Talk' with 702 & MTN?

The annual MTN Walk the Talk with 702 takes place on 22 July this year, under the theme 'Walking for South Africa'.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

'More black farm workers are killed than white farm workers'  - Johan Burger

'More black farm workers are killed than white farm workers'  - Johan Burger

Following a spate of farm murders in the Cape, the policing expert says there aren't enough stats available on farm killings.

Soulful Sundays Playlist: Sunday 11 June 2017

Soulful Sundays Playlist: Sunday 11 June 2017

Favourites to feed your soul on Sunday.

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...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?