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Rand reacts positively to withdrawal of controversial ministers to Parly

Controversial minister Nomvula Mokonyane asked the ANC to reconsider her parliamentary deployment as chair of chairs.

Picture: pexels.com

JOHANNESBURG - The withdrawal of controversial African National Congress (ANC) members from the parliamentary list has had a positive impact on the rand/dollar exchange.

Economist Duma Gqubule said the rand had been stronger against the US dollar on Wednesday.

Controversial minister Nomvula Mokonyane asked the ANC to reconsider her parliamentary deployment as chair of chairs.

ANC deputy president David Mabuza also asked not to be sworn in as a member of Parliament on Wednesday until he had addressed the ANC's integrity commission after being flagged as unsuitable to represent the party.

On Tuesday, former National Assembly Speaker Baleka Mbete and ex-minister Malusi Gigaba withdrew their names from the ANC parliamentary caucus list.

Gqubule said the markets had responded positively to these developments.

“It means domestically, it could be what is driving the rand’s strength because logic dictates that the rand should be weaker if the dollar is stronger. So what has happened is that the market reacted positively to local news and has drawn comfort in the removal these people.”