SA President Zuma Survives Impeachment Vote, Rand Collapses
Nov, 29th 12:42
The South African Rand dropped more than 2.4% on Tuesday, paring all of its gains versus the U.S. dollar yesterday after a local newspaper reported that scandal-tinged President Jacob Zuma had survived a ruling party vote to remove him.
The pair USDZAR turned lower last week as the Rand was supported by news that that a good portion of the ANC’s leadership want a new leader for the country. Zuma’s presidency has been plagued by accusations of corruption and other scandals.
Before having been accused of allowing members of the prominent Gupta family to influence cabinet appointments, Zuma has had to take out a home loan to repay 7.8 million rand (£405,146) of state money which had been spent on non-security, lavish improvements to his private residence.
Market analysts predicted more rand weakness as South Africa’s credit rating may be downgraded.
Buy Digital Call Option from 14.04400 to 14.20000 valid until 20:00 GMT November 29, 2016
The website/brand www.optionbanque.com is jointly operated by Capital Street BancClear Corporation Limited(SVG) and Capital Street Intermarkets Limited(MU). The services provided by Option Banque are provided by the two companies jointly, and all securities trading services offered by Option Banque are offered via the full services securities dealer licence Number C112010690 issued by the FSC Mauritius.