Downgrade possible if Gordhan removed from his office- expert

Rand has plummeted losing 3% at one point after Finance Minister Pravin Gordhan summoned for fraud by the National Prosecuting Authority (NPA) to appear in court in November.

The allegations that there is an attempt to remove Finance Minister Pravin Gordhan from his office in order to get access to the office of the National Treasury make South Africa less investment friendly. This according to emerging markets economist at Nomura investment bank, Peter Attard Montalto.

Montalto says a possible downgrade is possible if Gordhan get removed from his office.

Listen to the audio below for more information...


This article first appeared on 702 : Downgrade possible if Gordhan removed from his office- expert


Recommended

by THE NEWSROOM
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

‘Documents show that the fee contract was entered into by Anoj Singh & signed off by the acting CEO Sean Maritz' - Chris Yelland

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

Stephan Grootes shares his views on the events that unfolded at Life Esidimini and comments on Qedani Mahlangu’s apology.

#PravinGordhan: Rand weakens, fears of a downgrade & his supporters stand firm

#PravinGordhan: Rand weakens, fears of a downgrade & his supporters stand firm

The news that Pravin Gordhan has been issued with a formal summons has been met with shock & concern.

Rand takes a knock after Gordhan summoned by NPA

Rand takes a knock after Gordhan summoned by NPA

At 11am, the rand traded at R14.24 to the dollar, R15.81 to the euro and R17.51 to the pound.

Pravin Gordhan issued with summons to appear in court in November

Pravin Gordhan issued with summons to appear in court in November

Minister of Finance Pravin Gordhan has been issued with a summons for fraud.

Popular articles
[LISTEN] DA objects to Gigaba delivering #Budget2018 speech after court order

[LISTEN] DA objects to Gigaba delivering #Budget2018 speech after court order

Members of Parliament object to Finance Minister Malusi Gigaba delivering budget 2018.

Saps: Attackers spared 5 female cops in Ngcobo police shooting

Saps: Attackers spared 5 female cops in Ngcobo police shooting

E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.

Missing Cape Town couple's vehicle found north of Durban

Missing Cape Town couple's vehicle found north of Durban

Hawks spokesperson says the couple has not yet been located and their names will not be released as yet.