Local political news boosts the rand
The local currency seems to have benefited slightly after some ANC politicians withdrew from the party’s parliament nominations list
The rand was slightly stronger against the dollar on Wednesday afternoon after some ANC politicians asked to be removed from the ANC’s MP list. A day before they were due to be sworn in as MPs, former National Assembly speaker Baleka Mbete and former home affairs minister Malusi Gigaba pulled out of the ANC’s nomination list. Reasons for their withdrawals are not yet clear. The ANC has been criticised for nominating ANC members who have been implicated in state capture allegations, including Gigaba and environmental affairs minister Nomvula Mokonyane. Ramaphosa said Deputy President David Mabuza had asked to “postpone” being sworn in as an MP on Wednesday, as he wants to address allegations against him before the ANC integrity committee The rand was the second best performing emerging market currency on Wednesday, but analysts said the boost from local political developments was small, and investors are still waiting to see the size and composition of Ramaphosa’s new cabinet. Cit...
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