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Financials

South Africa's finance minister Gigaba rules out nationalisation of mines, banks

PRETORIA, April 19 (Reuters) - South Africa’s new Finance Minister Malusi Gigaba ruled out a radical policy change on Wednesday, saying the economic blueprints of the ruling African National Congress (ANC) did not entail wholesale nationalisation of mines and banks.

Gigaba also told a televised media briefing in Pretoria that he would be meeting with Moody’s to give the ratings agency policy assurances after Fitch and S&P Global Ratings both downgraded South Africa to junk in the wake of the sacking of Gigaba’s respected predecessor Pravin Gordhan. (Reporting by Olivia Kumwenda-Mtambo; Writing by Ed Stoddard; Editing by James Macharia)

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