South African currency volatile as President Zuma faces impeachment

South Africa’s currency the rand made signs of a recovery late last week, after months of heading in a downward spiral. The rand attained its best level in four months on Friday, and was the best performing global and emerging market currency during the week. Analysts attributed the currency rise to speculation that President Zuma could be forced to quit, after a court found him guilty of spending state resources on lavish refurbishments his home.  However the rand’s gains were short-lived after the President gave an apology over the weekend.  The situation for the Rainbow Nation’s currency remains volatile, ahead of parliament’s debate on Tuesday over Zuma’s impeachment.

Subscribe to us on Youtube:

Download for IOS:

Download for Android:

Follow us on:

Leave a Comment