'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:

CapeTalk 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 CapeTalk community a safe and welcoming space for all.

CapeTalk 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.

CapeTalk 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
Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

The Money Show’s Bruce Whitfield interviews Adams about his attitude to money (hopes and fears, successes and failures, etc.).

Eusebius Opinion: "Let go Kevin Pietersen, you do not own the school"

Eusebius Opinion: "Let go Kevin Pietersen, you do not own the school"

McKaiser responds to former SA, now England cricketer Pietersen's comments over Maritzburg College pupils holding EFF t-shirts.

Twitter is gobsmacked as Nigeria honours Jacob Zuma with bronze statue and road

Twitter is gobsmacked as Nigeria honours Jacob Zuma with bronze statue and road

During Zuma's visit to Nigeria, the Governor of the Imo State in Nigeria, Mr Owelle Okorocha, conferred an Imo Merit Award on him.

Minister Lynne Brown's partner scored R1.2 million contracts with Eskom

Minister Lynne Brown's partner scored R1.2 million contracts with Eskom

Sikonathi Mantshantsha says this revelation explains why Brown was reluctant to take any action against Eskom executives.

KZN school ordered to stop action against students with EFF shirts

KZN school ordered to stop action against students with EFF shirts

A letter has been addressed to the Maritzburg College principal after an image of the boys went viral last week.

Kloof Street residents living in fear as crime multiplies

Kloof Street residents living in fear as crime multiplies

A Cape Town man was stabbed to death on Saturday while trying to assist two women who were being mugged on Kloof street.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.