Rand’s losses slow as NPA reinstates corruption charges against Jacob Zuma
The rand pared losses in late trade on Friday, after the National Prosecuting Authority (NPA) decided to reinstate long-standing corruption charges against former president Jacob Zuma. The move is likely to restore some credibility to the institution long accused of dragging its feet in pursuing cases involving politically connected individuals. "I would have expected the rand to react a little more forcefully on the news, which I think is positive. It gives credibility to the judiciary and the rule of law," said Luke Alers, CEO of Kaon Capital. The rand strengthened a few cents to the dollar as the NPA boss read his statement at the media briefing. Zuma was forced to resign in February, by his own party, more than a year before the next general election. His two terms of office were marred by scandals, which cost the ANC key metros during the 2016 municipal elections. On the global front, US import tariffs remained a political hot potato — a development that threatens to hurt globa...
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