Rand Tanks As Ramaphosa Faces Impeachment
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Andre Cilliers - Director And Currency Risk Strategist At Treasuryone talks about The South African Rand Buckled On Thursday (1 December) following findings from parliament’s section 89 panel that there is prima facie evidence that president Cyril Ramaphosa violated sections of the country’s Constitution.
The rand tanked 3% from R16.90 on Wednesday to R17.43 on Thursday as markets digested the findings and the implications for South Africa.
The independent panel appointed by parliament to investigate the President’s Phala Phala saga has recommended a full investigation as it believes Ramaphosa may have broken anti-corruption laws and violated the constitution.
Ramaphosa is now facing possible removal from his job just weeks before the ANC’s elective conference.
“The political crisis has weighed heavily on the rand, which fell to nearly after the news broke last night,” said TrasuryOne.
The rand closed at R17.17 on Wednesday after trading at R16.90 earlier in the day. Meanwhile, the local unit is sharply weaker against the euro and the pound.
The rand tanked 3% from R16.90 on Wednesday to R17.43 on Thursday as markets digested the findings and the implications for South Africa.
The independent panel appointed by parliament to investigate the President’s Phala Phala saga has recommended a full investigation as it believes Ramaphosa may have broken anti-corruption laws and violated the constitution.
Ramaphosa is now facing possible removal from his job just weeks before the ANC’s elective conference.
“The political crisis has weighed heavily on the rand, which fell to nearly after the news broke last night,” said TrasuryOne.
The rand closed at R17.17 on Wednesday after trading at R16.90 earlier in the day. Meanwhile, the local unit is sharply weaker against the euro and the pound.
