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Day: October 11, 2016
October 112016
South African Rand Plunges as Pravin Gordhan Summoned to Court
The South African rand plummeted today after Finance Minister Pravin Gordhan was officially summoned to court. The Finance Minister was accused in unconstitutional creation of a special investigation unit during his time as head of the tax department. Gordhan called the accusation “political mischief.” The minister is respected by financial markets, and the news about what is widely considered to be political struggle between the Finance Minister and President Jacob Zuma was […]
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October 112016
Pound Remains on Path of Steady Decline
The Friday’s flash crash of the Great Britain pound did not result in panic sell-off as some might have expected, but the currency remained on the path of steady decline. The sterling crashed to a new 31-year low on Friday due to unknown reasons only to recover minutes later. While the crash was written off as an erroneous trade, concerns about the Brexit remained, keeping pressure on the currency. There were reports that Britain’s exit from […]
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