[DEBATE] : CABINET-2ND-LD-MARKETS
okhela at iafrica.com
Tue Sep 23 19:17:30 BST 2008
Could Manuel be playing the stock market - he says one thing and prices go
down; and then he says another thing and prices go up. Cynical?
Vanessa Banton >
JOHANNESBURG Sept 23 Sapa
MANUEL'S RESIGNATION CAUSES CONFUSION: ECONOMIST
The resignation of Finance Minister Trevor Manuel has caused confusion and
volatility in the country's markets, T-Sec economist Mike Schussler said on
"He resigns and then in the next hour he says he may be prepared to stay on.
He should have announced his situation upfront -- now people in the market
are really confused."
As a consequence, there had been tremendous pressure on the rand, he said.
"It bounced back but now it's gone backwards again."
At 2.33pm the local currency was trading at 8.14 to the US dollar, Schussler
He added that the resignation and the subsequent announcement that Manuel
may be prepared to stay on had scared both local and foreign investors.
"No one knows what the markets will do in the next few hours," Schussler
Earlier it was announced that Manuel was among 11 Cabinet ministers and
three deputy ministers who had resigned.
Their letters of resignation had been received by President Thabo Mbeki
"which, regretfully, he has had to accept", the presidency said.
Later, however, Manuel's spokeswoman Thoraya Pandy said that both he and
his Deputy Minister Jabu Moleketi were "ready to serve" a new
/jr/th 09/23/08 14-47 79
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