'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:

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