CAPE TOWN - The rand strengthened on Monday after Baleka Mbete, the Speaker of Parliament, decided to allow a secret ballot in the vote of no confidence in President Jacob Zuma.
The rand currently stands at R13.24 to the dollar, R17.35 to the pound and R15.74 to the euro.
According to Business Reports TV market update, earlier in the morning, the rand was at R13.41 to the dollar and R17.41 to the pound. The rand stood at R15.79 to the euro.
President Jacob Zuma faces the risk that MPs from his own party could vote against him. File Image: Independent Media
According to Moneyweb, the rand was quite steady against the dollar throughout Monday.
Ordinary South Africans and investors have been waiting with bated breath for Baleka Mbete's decision on a secret ballot in the vote against Zuma and the economic consequences of such a decision.
TOUGH CALL: Speaker of Parliament, Baleka Mbete
Moneyweb also released South Africa’s unemployment rate on Monday. SA's unemployment rate was unchanged. The statistics showed that 27.7% of the labour force in the second three months of this year, with the absolute number of unemployed down slightly to 6.177 million from 6.214 million.
Stats SA says that the country is unfortunately not creating enough jobs to make a dent in poverty and therefore is in a very serious situation.
On Friday last week, the rand slipped to three-week lows against the dollar, erasing most of the previous session’s gains in a cautious market as the vote against Zuma drew closer.
The Zuma administration has been beset by scandals and criticised for failing to address serious economic problems, with the president surviving eight motions of no-confidence since taking office in 2009.
- BUSINESS REPORT ONLINE