CAPE TOWN - Fake news has hit once again, this time it was coupled with foreign exchange speculation on Tuesday. The result of this was a stark 1.1% spike in the South African rand which briefly steered SA’s economy on a positive trajectory.
False reports surfaced on Tuesday that SA President Jacob Zuma had resigned. The rand then suddenly shot up, in the belief that a new President and leader would step up and succeed Zuma.
The rand rallied by almost 10 cents and coincidentally, the Presidency released a statement nearly the same time that President Zuma would be meeting with his Kenyan counterpart, Uhuru Kenyatta, on Thursday.
This false report was however misinterpreted. It is true, however that Zuma will be facing a possible oust from his office from within his party. Yet, this remains far from a resignation.