The rand perked up on Thursday morning, pushing through the psychological level of R13 to the dollar, ahead of the Constitutional Court’s ruling on a secret ballot vote. Opposition parties led by the UDM approached SA’s highest court asking that the vote of no confidence in President Jacob Zuma be conducted via secret ballot. The no-confidence motion follows President Jacob Zuma’s controversial Cabinet reshuffle in March, which shook sentiment, reflected in a weaker rand and local bonds. "The [Constitutional Court] will probably declare, in their ruling today, that a secret ballot is permissible but not compulsory in a parliamentary vote on the no-confidence motion," Rand Merchant Bank currency strategist John Cairns said in a note. "This middle-of-the-line ruling would be neutral to negative for the market: it is the widely expected outcome but would all but kill any possibility of a secret vote given the speaker’s political affiliations." Local politics has been a major driver of ...
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