-
Read the WELCOME ALL BMWFANATICS post.
ZAR taking a dump...
- Thread starter MaX
- Start date
ChefDJ
///Member
RAND REACHES R16 TO DOLLAR, SA 'ON BRINK OF RECESSION'
Economists say investor confidence in South Africa is the lowest it’s been in 20 years.
JOHANNESBURG - The value of the rand has dropped more than six percent today, touching record lows of R16 to the US dollar and economists say investor confidence in South Africa is the lowest it’s been in 20 years.
South Africa’s currency was shaken following the removal of Finance Minister Nhlanhla Nene on Wednesday night.
He’s been replaced with African National Congress (ANC) Member of Parliament David van Rooyen.
Sasfin market analyst David Shapiro says South Africa is on the brink of another recession as investor confidence has been dealt a major blow.
“What Zuma’s move has done is absolutely destroyed what little confidence there was in the economy. Even before this incident we were at 16-year low in consumer business confidence but this just seemed to tip us off the side.”
At the same time, political analysts say the ANC might find itself in an awkward position after President Jacob Zuma decided to fire Nene.
The move has seen banking shares drop by more than 10 percent to levels last seen after the 2008 global financial crash.
Analyst Somadoda Fikeni says the ANC will be concerned about the upcoming local government elections.
“There are places like the Nelson Mandela Metro where they struggle to get even 50 percent in the last elections and they’ll have to do something dramatic.”
Meanwhile, a Facebook page has been created called “Zuma Must Fall” inviting members to march to the Union Buildings next week.
Political commentator Sipho Seepe says something like this won’t have any ‘real’ impact on the situation.
Source
Economists say investor confidence in South Africa is the lowest it’s been in 20 years.
JOHANNESBURG - The value of the rand has dropped more than six percent today, touching record lows of R16 to the US dollar and economists say investor confidence in South Africa is the lowest it’s been in 20 years.
South Africa’s currency was shaken following the removal of Finance Minister Nhlanhla Nene on Wednesday night.
He’s been replaced with African National Congress (ANC) Member of Parliament David van Rooyen.
Sasfin market analyst David Shapiro says South Africa is on the brink of another recession as investor confidence has been dealt a major blow.
“What Zuma’s move has done is absolutely destroyed what little confidence there was in the economy. Even before this incident we were at 16-year low in consumer business confidence but this just seemed to tip us off the side.”
At the same time, political analysts say the ANC might find itself in an awkward position after President Jacob Zuma decided to fire Nene.
The move has seen banking shares drop by more than 10 percent to levels last seen after the 2008 global financial crash.
Analyst Somadoda Fikeni says the ANC will be concerned about the upcoming local government elections.
“There are places like the Nelson Mandela Metro where they struggle to get even 50 percent in the last elections and they’ll have to do something dramatic.”
Meanwhile, a Facebook page has been created called “Zuma Must Fall” inviting members to march to the Union Buildings next week.
Political commentator Sipho Seepe says something like this won’t have any ‘real’ impact on the situation.
Source
peanut125i
Active member
Yeah, scary. A bit worried what's going go happen when the markets open after the weekend.
ET was here
New member
anyone got contacts with a hired hit men ? cause Zuma isn't going away of his own accord soon, the longer he stays, the worse it is gonna get
///Maniac
Well-known member
Van Rooyen was just the flavour of the week.......
http://m.news24.com/fin24/Economy/pravin-gordhan-appointed-minister-of-finance-20151213
Sent from my SM-G920F using Tapatalk
http://m.news24.com/fin24/Economy/pravin-gordhan-appointed-minister-of-finance-20151213
Sent from my SM-G920F using Tapatalk
RAArmstrong
///Member
Rand took an immediate recovery after Pravin was announced as the new Finance Minister. I guess its something
peanut125i
Active member
Atleast we don't have to worry about the van Rooyen chap anymore.
