Rand holds steady despite ANC and DA squabbles
Despite the ongoing tensions between the ANC and the DA, which threaten to disrupt the Government of National Unity (GNU), the local currency remains unfazed as the DA's ultimatum to President Cyril Ramaphosa to dismiss ministers passes without action.
Ramaphosa's removal from the office of the then Deputy Minister of Trade, Industry and Competition, Andrew Whitfield, towards the end of last week resulted in a war of words between the two largest parties in the GNU.
DA leader John Steenhuisen last Thursday issued an ultimatum to Ramaphosa to get rid of three MPs in an effective 'or else' message. 'Within the next 48 hours, we will find out if the DA stands alone as the only party that can be trusted to govern responsibly and take South Africa forward,' he said.
That Saturday deadline came and went without Ramaphosa acceding to his wishes.
The rand has hardly moved. By lunchtime on Monday, it was trading at R17.77, more or less flat on the day. On a more historical level, it is trading at around a six-month low.
Andre Cilliers, currency strategist at TreasuryONE, said: 'The DA's antics have had little effect on the rand'.
In a note, he stated that the DA is so 'upset' that the party won't be taking part in Ramaphosa's new national discussion plan.
This plan brings together prominent figures, including business leaders and the rugby captain, to discuss how to address the country's problems, but it will cost R740 million, explained Cilliers.
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