Deepening Gordhan Probe Sends South Africa Assets Into Nosedive
- Finance Minister ordered to report to police on Thursday
- Gordhan says charges ‘unfounded’, won’t be reporting to Hawks
What Next for EM Currencies After Rand Volatility?
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South African markets were left reeling after an investigation surrounding the country’s finance minister took a new twist.
The latest development signals a deepening rift between Treasury chief Pravin Gordhan and President Jacob Zuma, whose ruling African National Congress has called for the national budget to be “reprioritized” as the party tries to win back support after a drubbing in local-government elections earlier this month. Gordhan has pledged to cap spending and debt as he battles to stave off a credit-rating downgrade to junk.