The South African rand is experiencing its worst week since 2015 at 13.47 against the US dollar. The fall comes after President Jacob Zuma fired his Finance Minister Pravin Gordhan, raising a myriad of concerns about the country' investment-grade credit rating. [TAKE VO]
Gordhan, who many investors saw as a pillar of stability, is being replaced by Home Affairs Minister Malusi Gigaba. Yields on South Africa's dollar-denominated sovereign debt also rose across the curve on Friday. Yield on the country's benchmark 2026 issue jumped 20 basis points to 4.7 percent. According to South Africa's Banking Association, the move to axe Gordhan has raised "alarming concerns" for fiscal discipline issues.