Rand rebounds a tad after Zuma offers support to embattled Finance Minister

THE rand rallied against the dollar for the first time this week after President Jacob Zuma pledged support for Finance Minister Pravin Gordhan, in his ongoing battles with the Hawks.

“Things could have been worse if he had kept quiet. At least there is less panic as a result,” Bidvest Bank chief currency dealer Ion de Vleeschauwer said.

The rand rallied through the R14/$ mark before pulling back at midday, suggesting a degree of nervousness among investors after the drama-filled week, during which the local currency also blew out against the euro and pound.

The sustainably weaker rand poses a threat to the inflation outlook and may encourage further interest rate increases at a time when the economy was hardly growing.

“President Jacob Zuma wishes to express his full support and confidence in the minister of finance and emphasises the fact that the minister has not been found guilty of any wrongdoing,” Presidency spokesperson Bongani Ngqulunga said.

Gordhan, through the advice of his lawyers, on Wednesday rebuffed the request by the crime-busting unit for him to appear at the unit by Thursday.

The rand was at R14.0836 against the dollar from R14.1532 at the previous close.

It was at R15.9044 against the euro from R15.9414 previously‚ and at R18.6208 against the pound from R18.7304 previously.

The euro was at $1.1293, from $1.1263 at its last settlement.

Related Posts
Ecocash transacts $16bn in 4 years
ECONET Wireless Zimbabwe’s mobile financial service platform — Ecocash has transacted over $16 billion in the last four years. According to the group’s latest annual report, the mobile money platform’s subscriber ...
READ MORE
Rand breaches R14/$ barrier ahead of interest-rate decisions
THE rand continued firmer against the dollar late on Monday, breaching the R14/$ level as investors awaited Thursday’s Reserve Bank’s repo-rate decision. The US Federal Reserve and Bank of Japan central ...
READ MORE
Idia’s Exim Bank to provide USD 87 million credit line to Zimbabwe
Export-Import Bank of India (Exim Bank) had entered into an agreement on October 27, 2015 with the Government of Zimbabwe for USD 87 million soft loan for financing renovation and ...
READ MORE
HARARE,– The planned October introduction of a token currency in Zimbabwe, called bond notes, has stoked fears of the return of a much-loathed local currency by stealth. Zimbabweans have nightmarish memories ...
READ MORE
An employee checks U.S. dollar bank-notes at a bank in Hanoi, Vietnam August 12, 2015.  Vietnam has widened the trading band for interbank dollar/dong transactions to 2 percent from 1 percent previously to help boost the competitiveness of Vietnamese goods, the central bank said on Wednesday. REUTERS/Kham
HARARE - Flight of hard cash from the economy has remained unabated despite moderation in recent months, amid indications that the cash ratio in the first half was six percentage ...
READ MORE
Bank workers picket BancABC offices
HARARE, – Banking workers on Tuesday picketed the BancABC offices in Harare’s Central Business District, protests over its treatment of retrenched former employees. BancABC dismissed 75 employees in 2015, taking advantage ...
READ MORE
Zimbabwe banking crisis
HARARE - Zimbabwean companies face increasing problems in making international payments and getting their hands on foreign currency. This is owing to the termination of correspondent-bank arrangements by international finance institutions, ...
READ MORE
Agribank to raise SME support to $6mln
HARARE,– State owned bank Agribank says it will increase its SME loan book to $6 million from the current $4 million on the back of increased growth of microfinance activities ...
READ MORE
Canary wharf skyline
LONDON - Four of the world’s biggest banks have teamed up to develop a new form of digital cash that they believe will become an industry standard to clear and ...
READ MORE
Zimbabwe Central Bank dithers in explaining bond note introduction
HARARE - The government has suggested that it may still be a while before it introduces the much-distrusted bond notes on the market — which are meant to mitigate Zimbabwe’s ...
READ MORE
Ecocash transacts $16bn in 4 years
Rand breaches R14/$ barrier ahead of interest-rate decisions
Idia’s Exim Bank to provide USD 87 million
Zimbabwe is already printing money
Cash flight persists
Bank workers picket BancABC offices
Zimbabwe banking crisis
Agribank to raise SME support to $6mln
Big banks plan to coin new digital currency
Zimbabwe Central Bank dithers in explaining bond note

Arts & Entertainment

mary-j-hillary
Arts & Entertainment

Mary J Blige mocked on Twitter for serenading Hillary Clinton

29th September 2016 Staff Reporter 0

R’n’b singer Mary J Blige has inadvertently become the butt of jokes after serenading presidential hopeful Hillary Clinton. The No More Drama songstress burst into song in a preview for her sit-down with the Democratic […]

Singer Bruce Springsteen performs with the E Street Band during his concert in Cape Town, in this January 26, 2014 file photo. REUTERS/Mike Hutchings/Files
Arts & Entertainment

Bruce Springsteen becomes a best-selling author before he’s even been published

29th September 2016 Staff Reporter 0

It was Bruce Springsteen’s elated feeling after performing at the Super Bowl halftime show in 2009 with the E Street Band led him to write about his experiences. Seven years later, the iconic musician had […]