The rand was firmer against the dollar on Tuesday afternoon despite having weakened on news that SA’s credit rating had been downgraded to sub-investment grade by S&P Global Ratings. The agency said the downgrade came as a result of concern that the country’s policy continuity had been put at risk after President Jacon Zuma fired Pravin Gordhan as the finance minister and replaced him with Malusi Gigaba. Gigaba was adamant that despite there having been changes to the financial executive of Cabinet, government’s policy remained the same and reassured business leaders‚ organised labour and ratings agencies that Treasuries were worth being optimistic about. The downgrade has increased calls for the president to step down, with ANC ally, the Congress of South African Trade Unions, putting its weight behind the accusation that Zuma lacks the necessary leadership skills. There is a social media movement to have a public protest in support of this on Friday. Rand Merchant Bank analyst Joh...
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