Rand Strengthens After Zuma Claims “Full Confidence” in SA Finance Minister
PRETORIA – The Rand has reportedly stabilised in the last couple of hours following South African President Jacob Zuma’s announcement that he has “full support and confidence” in Finance Minister Pravin Gordhan. The Treasury confirmed earlier this week that specialist police unit, the Hawks, had summoned Gordhan to “present himself” on Thursday. Gordhan responded yesterday, saying the […]
PRETORIA – The Rand has reportedly stabilised in the last couple of hours following South African President Jacob Zuma’s announcement that he has “full support and confidence” in Finance Minister Pravin Gordhan.
The Treasury confirmed earlier this week that specialist police unit, the Hawks, had summoned Gordhan to “present himself” on Thursday.
Gordhan responded yesterday, saying the allegations against him – during his time as head of SARS (South African Revenue Services) – were wholly unfounded; and confirmed – under legal advice – that he would not appear before the police as had been requested.
South Africa’s currency had fallen by over 3 percent upon reports of the Hawks’ demand; but today the Rand was steadier – and stabilised around its new, lower levels – following Zuma’s declaration of support.
In a statement issued by The Presidency today, it said that President Zuma has “emphasised the fact that the Minister has not been found guilty of any wrongdoing“.
The statement said Zuma’s remarks come after concerns were expressed by individuals and organisations in society about the reported investigation by the Directorate for Priority Crime Investigation (the Hawks) involving the Minister as well as other former South African Revenue Services (SARS) officials.
“The Presidency wishes to also emphasise that President Zuma does not have powers to stop any investigations into any individual/s. Our constitutional democracy, the strength of our State institutions and the effectiveness of our courts in upholding and protecting rights is our guarantee of justice and fairness,” said the Presidency in a statement.
It said the negative effect of these matters on the country’s economy, personal pressure on the individuals affected as well as the heads of institutions, however disturbing, cannot be cause for the President to intervene unconstitutionally.
The Presidency added that the broader speculation linking these investigations to government and state-owned institutions are equally unhelpful and they are also false and misleading. – SAnews.gov.za
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