Markets have reacted to events at the African National Congress National Executive Committee meeting in Johannesburg over the weekend.
The rand gained considerable strength when news emerged that a vote of no confidence had been tabled.
But it quickly retreated when the motion failed.
Economist Dawie Roodt says the rand is inextricably linked with President Jacob Zuma’s fate.
“It is interesting to watch financial markets because quite often, one can actually see how Jacob Zuma is doing by simply watching the exchange rate of the country.
“What has happened though over the weekend, as soon as it became clear that there would be a debate on the future of Zuma, the rand actually appreciates very strongly against most other currencies.”
Meanwhile, Zuma has come out swinging following the failure of a motion of no confidence in him.
The motion was tabled at the ANC NEC meeting over the weekend.
It failed to garner the necessary support to carry.
Zuma attacked his critics in the NEC in his closing address, saying he knows those who want him to step down are pushing an agenda of foreign forces and he’s warned them to stop.
Three sources in the ANC NEC have told Eyewitness News that Zuma was hard-hitting and furious when he gave his closing remarks at the NEC meeting, responding to those who called on him to step down.
It is understood that the president told the NEC meeting that those who wanted him to resign are pushing an agenda of foreign forces.
The sources say the furious president told the meeting that he was poisoned with the intention of being killed and warned that he knows who is plotting against him and where they get the money from.
It’s understood he also told the meeting that he can’t be blamed for the party’s loss of key metros, saying it was the ANC’s failure to manage regional dynamics that resulted in the poor showing at last year’s polls.
By Clement Manyathela for www.ewn.co.za