LONDON, March 27 The cost of insuring South
African government debt against default hit the highest level in
nearly seven weeks on Monday after President Jacob Zuma asked
his Finance Minister Pravin Gordhan to return home "immediately"
from an investor roadshow.
Five-year credit default swaps jumped 11
basis points to 203 bps from Friday's close of 192 bps,
according to financial data provider Markit.
The rand fell almost 3 percent on the news that
Gordhan had been summoned home as investors feared the respected
finance minister could be pushed out in a cabinet reshuffle
(Reporting by Karin Strohecker; editing by Sujata Rao)