The rand hits R11.81 as Zuma remains defiant on stepping down
The rand strengthened from R11.84 to R11.81 against the US dollar at 15:16 on Wednesday, as President Jacob Zuma said in an interview the African National Congress had not given him proper reasons why he should resign.
“People are hoping for a prosperous South Africa under Ramaphosa, however if Zuma stays in power then we will see a negative reaction but the sense is that Ramaphosa will kick in the process of fixing the economy,” chief economist at Econometrix Azar Jaimaine told the Mail & Guardian in response to why the rand has remained stronger in recent days.
President Zuma broke his silence after a week long negotiation process on his future as president of the country insisting that he had not defied the ANC but only disagreed with its decision to recall him.
On Monday, the Mail & Guardian reported that the ZAR traded a R11.90 amidst uncertainty of President’s Zuma’s recall.
Following President Zuma’s refusal to set down, the African National Congress parliamentary caucus on Wednesday told the media during a press briefing that the caucus had resolved to table a motion of no confidence against President Jacob Zuma on Thursday..