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Rand knocked by Zuma order for Gordan, Jonas to return home



The rand has weakened following news that Finance Minister Pravin Gordhan has been instructed to return home unexpectedly from an international investor roadshow.

Gordhan is in London with Business Unity South Africa and other role-players, but it's understood that he will be on an overnight flight back to South Africa.

Deputy Finance Minister Mcebisi Jonas was expected to begin the second leg of the roadshow in the United States.

At around 5:50am, the rand had extended its recent gains trading at R12.33 to the dollar on the back of Donald Trump's failure to implement his healthcare plans.

Soon after the news of Gordhan's impending return, the rand weakened sharply and traded at R12.65 to the greenback while bonds weakend sharply.

Reuters and Business Day are reporting that Gordhan was not given permission for the trip and that's why he was suddenly recalled.

The Presidency has issued a statement confirming that President Jacob Zuma has instructed Gordhan and Deputy Minister Mcebisi Jonas to cancel the international investment promotion roadshow to the United Kingdom and the United States and return to South Africa immediately.
Read the Presidency's statement below:

(Edited by Shimoney Regter)
Khabza Mkhize

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