Rand slumps after Derek Hanekom’s denial about move against Jacob Zuma
Former tourism minister Derek Hanekom’s denying reports on Thursday that he was preparing a motion of no confidence against President Jacob Zuma sent the rand tumbling, from under R12.30 per dollar to R12.35 on Friday morning.
The rand was trading at R12.34/$, R14.89/€ and R16.74/£ at 8.40am.
Hanekom told The Citizen newspaper that he was not preparing a second internal ANC motion of no confidence against Zuma.
This refuted a report in a rival newspaper on Wednesday, which said: "The Star spoke to at least five ANC NEC [national executive committee] members, all of whom confirmed that former tourism minister Derek Hanekom was preparing another motion against Zuma."
The Citizen said in its report: "However, as a staunch Zuma opponent, Hanekom says he remains committed to his position that Zuma should resign as president."
In November 2016, Hanekom failed to lead a Cabinet revolt against Zuma, which resulted in him facing an internal disciplinary hearing and getting relegated to Parliament’s back benches.