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Rand strengthens as ANC joins Zuma no confidence motion

The rand was last trading at these levels in May 2015, with the local currency seeing a boost since the election of Cyril Ramaphosa as ANC leader in December.

Picture: EWN.

JOHANNESBURG - The rand has strengthened to almost three-year highs following the news that the African National Congress (ANC) intends instituting a motion of no confidence against President Jacob Zuma.

It's currently trading at around R11.82 to the dollar.

The rand was last trading at these levels in May 2015, with the local currency seeing a boost since the election of Cyril Ramaphosa as ANC leader in December.

Economic Analyst Daniel Silke said: “And I think that’s filtered in, broadly speaking, into many aspects of the market and in particular on the rand, even today we’ve seen the rand strengthen nearly 1%.”

But he says the budget process must not be disrupted.

“If it attacks the integrity of the budget and disrupts the delivery of the budget, then we could see some degree of pull back from the positive sentiment currently experienced.”

Silke has warned though that the dollar's strength may return, with the rand losing some of its gains.

Meanwhile, with President Jacob Zuma given until the end of Wednesday to step down or face the motion of no confidence as soon, the Democratic Alliance leader Mmusi Maimane says it’s about time the ruling party comes on board to remove the president.

He says the party should have come to the Parliament a long time ago because President Zuma has violated the Constitution.

Maimane says the ANC should inform the South African nation during the motion debate as to why they believe the president is not fit for the office.

He says the president’s removal is long overdue.

“The right thing to do to Jacob Zuma would actually be to impeach him because if he moves through a motion of no confidence, he will retain all of his benefits. But for us, the conditions don’t change, we must come out, vote Jacob Zuma [out] and the maximum security he will get is in a jail cell.”
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Click here to watch President Jacob Zuma live address.

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