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MaryJane

Shuffling the Finance Minister....Part 2

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Jules

Wow! The rand is going to get hammered. 

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MaryJane

It actually already started a few days ago...even before the shuffling. The rumour mills have been working overtime since Monday. Today was just confirmation that the mills are now spurting out truths.

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Nelline

Aaaaand he waited until 00:14 local SA time to do the reshuffle. Well played Mr President. Well played. (I'm being sarcastic)

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LotzofTravel

Having an PR appplication floating somewhere on some official's desk it is quite frustrating.

Its like having a bat

htub (half)full of money and Zuma pulls the plug and then someone (maybe in Home Affairs) have the plug but they are on a lunch break.

And the money disappears...

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Ominous_Hashtag

"Great", let the full-blown looting of state finances begin.

Now we wait for the Rand to turn to toilet paper. Bye-bye proof of funds.

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GerdaT

O boy! Hope our Rands can stretch enough to get us to Canada in time... :unsure:

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CarinGHT

For those of us in SA these developments are absolutely frightening.

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Annasofe13

@GerdaT I am with you on this one, we just update our budget spreadsheet, little scary

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Jules

I genuinely feel bad for the people waiting to immigrate and still sitting with their assets in Rands. The next few weeks could wipe out a lot of money if the Rand continues to slide. 

Let's hope the markets settle down soon and then realize that they oversold the rand. But truthfully, the markets are pricing in risk and right now the future is blurred and that = risk. When you marry risk and currency you get toilet paper.

 

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Ominous_Hashtag
44 minutes ago, Jules said:

I genuinely feel bad for the people waiting to immigrate and still sitting with their assets in Rands. The next few weeks could wipe out a lot of money if the Rand continues to slide. 

Let's hope the markets settle down soon and then realize that they oversold the rand. But truthfully, the markets are pricing in risk and right now the future is blurred and that = risk. When you marry risk and currency you get toilet paper.

 

Actually the Rand is holding on much better than anticipated at the moment - not oversold yet and nowhere near what we saw last time this happened (now: +/- R13.40; 2015: over R17).

I believe many investors are waiting to observe the backlash to Zuma's decision, some are cautiously optimistic that he went too far this time and that he's going to be forced to backtrack once more or be impeached. People within the ANC have been more vocal than before in expressing their opposition to what happened. A motion of no confidence is scheduled for discussion as is an urgent interdict to stop the swearing in of the new ministers.

If the resistance fails, like so many times before, and it is perceived that Zuma/Guptas are moving forward with their looting then I'm sure we'll see a swift bloodbath on the currency market. We can only hope that justice prevails somehow.

My whole provident fund is still at the mercy of these events. :-/

 

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FaithFUL
15 hours ago, Nelline said:

Aaaaand he waited until 00:14 local SA time to do the reshuffle. Well played Mr President. Well played. (I'm being sarcastic)

He obviously couldn't sleep...

 

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Jules

Just checked the rand dollar exchange rates for the week and the rand held up well considering what happened. Roughly 10% loss isn't really bad if that's it - rand can still regain some of those losses over the next few weeks if life goes on and nothing else happens. 

I really thought the rand would go into a free fall and lose 20+ % value. 

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