The rand is on the up and up amid expectation of Zuma recall
As South Africans await the expected announcement of President Jacob Zuma’s recall from the presidency, the rand has been trading stronger at R11.90 at 8pm on Monday from R12.00 before midday.
The South African currency has been volatile in the last week, amidst uncertainty surrounding confidential negotiations between Deputy President Cyril Ramaphosa and President Zuma on the future leadership of the country.
The rand has been riding a wave of optimism since Ramaphosa’s appointment to ANC president, with investors encouraged by Ramaphosa’s pledge to end corruption and repair state owned entities.
The National Executive Committee (NEC) of the ANC has been locked in a meeting for several hours on Monday. If the NEC votes for a recall, as expected, and Zuma tenders his resignation Ramaphosa, as deputy president of the country, will assume power. It would then be up to the national assembly to pick a new president within 30 days..