LIKE THE NAIRA… South African Rand Takes A Plunge Amid Political Crisis [DETAILS]

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The South African rand has been losing its value in the international currency market. (Photo Credit: J.BayNews)

Speculations of an imminent arrest of the South African Finance Minister, Pravin Gordhan has caused the country’s currency to take a tumble on the international currency markets.

This is not the first time that there will be rumours that Mr. Gordhan may face charges in relation to an alleged rogue unit at the state tax revenue service.

Back in May, local media was jumping with speculation that Mr Gordhan would face espionage charges over an investigation unit that was set up at the South African Revenue Service when he was in charge of the tax collection agency several years ago, reports BBC.

The Treasury has confirmed that Mr Gordhan has been contacted by the elite police unit, the Hawks, and sources are claiming he must report to them on Thursday.

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Analysts say there’s a much broader political picture at play here – at the centre of which is a deteriorating relationship between the finance minister and President Jacob Zuma.

Mr Gordhan is widely seen in the markets as a safe pair of hands – even the suggestion of removing him from the Treasury sent the rand around 3% lower.

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