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Rand went from world’s best in 2017 to its worst on Zuma’s reshuffle

10 April 2017 6:24 PM
Tags:
Rand
Cabinet reshuffle
credit ratings downgrade

The Money Show’s Bruce Whitfield interviews Rand Merchant Bank Currency Strategist John Cairns.

The South African rand was the best performing currency in the world in 2017 right up to the point when President Jacob Zuma recalled then Finance Minister Pravin Gordhan from an investor roadshow in London.

A Cabinet reshuffle and ratings downgrade or two later and the rand is the world’s worst performing currency in the world.

How much value has the rand lost?

The Money Show’s Bruce Whitfield interviewed Rand Merchant Bank Currency Strategist John Cairns.

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

In the past two weeks foreign investors have been buying up government bonds at record levels. This is the same for other emerging markets. A rising tide lifts even a half-submerged boat.

John Cairns, Rand Merchant Bank

This has happened at a very favourable time.

John Cairns, Rand Merchant Bank

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Article brought to us by Old Mutual.


10 April 2017 6:24 PM
Tags:
Rand
Cabinet reshuffle
credit ratings downgrade

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