A 60% chance of Cabinet reshuffle - economist

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President Jacob Zuma during SONA 2017.
President Jacob Zuma during SONA 2017.

Johannesburg – A Cabinet reshuffle remains imminent and it will have a negative impact on markets as well as the rand, said an analyst.

In a report by Nomura emerging markets economist Peter Attard Montalto explained that a reshuffle is expected in the second half of March. In Nomura’s view there’s a 60% chance of a reshuffle and the Deputy Minister of Finance, Mcebisi Jonas is more likely to be replaced than Finance Minister Pravin Gordhan.

This follows the swearing in of Brian Molefe as a member of Parliament (MP). He was assigned to two committees, international relations and economic development. “We think his placement in certain committees shouldn’t be over-read as to where he may end up in terms of a ministry,” said Montalto.

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Rand - Dollar
14.06
+0.3%
Rand - Pound
19.94
-0.0%
Rand - Euro
17.11
+0.1%
Rand - Aus dollar
10.96
-0.1%
Rand - Yen
0.13
+0.2%
Gold
1,868.28
+0.1%
Silver
28.47
+1.0%
Palladium
2,915.01
+0.5%
Platinum
1,243.50
-0.0%
Brent Crude
69.46
+1.1%
Top 40
61,193
0.0%
All Share
67,217
0.0%
Resource 10
70,663
0.0%
Industrial 25
83,982
0.0%
Financial 15
12,612
0.0%
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