Main image: Currency tracker website xe.com provides a graphic representation of the upward movement of the rand in recent months.
By: Kamilah Tom
DURBAN – Following the resignation of Jacob Zuma as South Africa’s president and the swearing in of Cyril Ramaphosa as the country’s new head of state, the rand on Friday reached its strongest level in three years.
The dramatic gain, at one point reaching R11.50 to the US dollar, followed the appointment of the new president on Thursday evening, when the former trade unionist turned businessman was sworn into office.
President Ramaphosa, 65, has promised to fight to undo the corruption that the country has endured while under Zuma’s leadership and to gain the confidence of foreign investors by repairing the country’s failing state-owned entities.
The rand is expected to continue to rise following Ramaphosa’s delivery of the State of the Nation Address this evening. The government has indicated that the country’s 2018 Budget speech will be delivered in parliament next week.
