News / Local
SA Rand ignores Pravin Gordhan death
13 Sep 2024 at 19:13hrs | Views
The South African rand has shown steady performance in the wake of the passing of former Finance Minister Pravin Gordhan, a key figure in the country's economic landscape. Gordhan, who served multiple terms as finance minister, died today in the morning.
The rand remained relatively stable as if nothing happened.
The contrast is stark when compared to how the market's reaction in March 2017, when Gordhan was fired by then-President Jacob Zuma. At the time, the Rand plummeted by nearly 5%, with banks and white interests manipulating the currency.
Zuma's decision to remove Gordhan from his position was widely criticized by white monopoly capital as a move to centralize control over key institutions, leading to a downgrade in South Africa's credit rating by major rating agencies.
The rand remained relatively stable as if nothing happened.
The contrast is stark when compared to how the market's reaction in March 2017, when Gordhan was fired by then-President Jacob Zuma. At the time, the Rand plummeted by nearly 5%, with banks and white interests manipulating the currency.
Zuma's decision to remove Gordhan from his position was widely criticized by white monopoly capital as a move to centralize control over key institutions, leading to a downgrade in South Africa's credit rating by major rating agencies.
Source - online
