Rand dips as ANC fails to give Zuma deadline

Just moments after that statement was made the currency weakened to R11.92 to the dollar.

Picture: Pixabay.com.

JOHANNESBURG - The rand reacted to the African National Congress' (ANC) announcement that President Jacob Zuma has not been given a deadline to respond after the party decided to recall him.

Just moments after that statement was made on Tuesday afternoon, the currency weakened to R11.92 to the dollar.

During the question and answer session a short while ago, Secretary-General Ace Magashule told reporters that ANC president Cyril Ramaphosa will address the state of the nation address.

Zuma has been under pressure to leave office following Cyril Ramaphosa's election as ANC president at the party's national conference in December.

It is understood that, following a lengthy meeting lasting almost 13 hours, the ANC's NEC has decided to recall Zuma.

The ANC says its leaders had fruitful and constructive engagements with Zuma.

Asked what was fruitful or constructive about the discussions if they failed to agree on his removal, Magashule confirmed that President Zuma wanted to serve for three more months before resigning, but the secretary-general says the ANC was concerned about the anxiety around the issue.

He says they have given Zuma time and space to respond, adding that they haven’t given him a deadline but expect him to respond on Wednesday.