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South African Rand Tumbles Over Political Turmoil

August 24, 2016 at 19:30 by Vladimir Vyun

100-rand notesThe South African rand fell today as political turmoil in the country made the currency not particularly attractive to investors.

South African Finance Minister Pravin Gordhan was summoned to police due to investigation into an alleged spy in the tax service. There are rumors that the actual reason for that was the conflict between the Prime Minister and President Jacob Zuma and Gordhan may even be arrested. The member of the opposition Democratic Alliance said in a statement:

The arrest of the finance minister would shatter investor confidence, risk a sovereign ratings downgrade and be a disaster for the already fragile zero growth, zero jobs economy in South Africa.

USD/ZAR rose 1.19% to 14.1684 as of 19:24 GMT today.

If you have any questions, comments, or opinions regarding the South African Rand, feel free to post them using the commentary form below.

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