Rand hits under R18 to the dollar following Cyril Ramaphosa’s re-election as president and the establishment of a GNU
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GUEST - Andre Cilliers, director and currency strategist at TreasuryONE
The South African rand hit its strongest level in almost a year, trading at R18 to the dollar on Wednesday (19 June), with the country is moving towards an official Government of National Unity and only a few more steps remain.
The first big hurdle has already been cleared, with the ANC-DA-IFP-led bloc electing agreed-upon leaders for the country, including Speaker, Deputy Speaker and President at parliament’s first sitting last week. This was then followed by appointments at the National Council of Provinces and with premiers at the provincial level.
The South African rand hit its strongest level in almost a year, trading at R18 to the dollar on Wednesday (19 June), with the country is moving towards an official Government of National Unity and only a few more steps remain.
The first big hurdle has already been cleared, with the ANC-DA-IFP-led bloc electing agreed-upon leaders for the country, including Speaker, Deputy Speaker and President at parliament’s first sitting last week. This was then followed by appointments at the National Council of Provinces and with premiers at the provincial level.