Rand firms as political noise becomes louder
Former president Thabo Mbeki is the latest among prominent politicians to call on ANC members to support the no confidence motion
The rand was firmer on Tuesday afternoon as local political noise became louder. The Constitutional Court has allowed parties to file opposing papers in the United Democratic Movement’s (UDM’s) urgent application on the debate of a motion of no confidence against President Jacob Zuma. Former president Thabo Mbeki was among the prominent politicians to call on ANC members to support the no confidence motion. Several protest marches took place on Friday, calling for the President to step down, after a pressured two weeks in which the Cabinet was reshuffled and the finance minister was fired, and a sovereign ratings downgrade by two ratings agency left the country in junk territory. "The local political noise remains loud," said Rand Merchant Bank analyst John Cairns. The parties have 4pm on Friday‚ April 21, to file their written submissions. At 3.44pm rand was at R13.8141 to the dollar from Monday’s R13.9404‚ R14.6600 to the euro from R14.7713‚ and R17.1755 to the pound from R17.3040...
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