South African Markets Celebrate Dropping Of Charges On Finance Minister, Rand Up 1.6%

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South Africa's markets are celebrating after news broke on Monday that the National Prosecuting Authority has withdrawn summons against Finance Minister Pravin Gordhan. NPA head, Shaun Abrahams, said in a letter to Gordhan's attorney that after reviewing the matter he has decided to overrule the decision to prosecute the minister. The rand, which had started regaining previously lost ground in the morning, strengthened by 1.6%, breaking through 13.60 rand to the dollar as the news spread. At the time markets opened on Monday morning the rand was trading at 13.81, close to levels recorded on October 10 before the NPA announced plans to charge Gordhan.
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South Africa