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Rand Tumbles For Second Day After Zuma Says He’ll Fire Gordhan

Tuesday, March 28, 2017 6:42

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zerohedge.com / by Tyler Durden / Mar 28, 2017

One day after the South African rand tumbled on the suprising report that president Zuma had ordered his finance minister Pravin Gordhan to cancel roadshow meetings with investors in the UK and US and return home on Monday, overnight the rand plunged for the second day in a row, after the 74 year old president told senior leaders of the South African Communist Party that he plans to fire Finance Minister Pravin Gordhan.

The rand weakened as much as 2.9% and was at 12.8757 to the dollar after sliding as much as 3.2% a day earlier. The government’s rand-denominated bonds due 2026 fell, driving the yield 42 basis points higher to 8.78% over the two days (hint for all you yield chasers).

Source: http://silveristhenew.com/2017/03/28/rand-tumbles-for-second-day-after-zuma-says-hell-fire-gordhan/

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