CAPE TOWN - The rand gained significant strength in mid-day trades against the dollar after news broke that top officials from the ANC would be meeting to discuss President Jacob Zuma's options.
These options would try to ensure the embattled leader is not voted out by Parliament or impeached.
“There is no decision or instruction to recall him, but there is a debate on what is in the air, the question of what is the best option, better than (the) possibility of impeachment and a vote of no confidence, or we do something different,” ANC chairperson Gwede Mantashe told News24.
Mantashe met with the party’s national working committee (NWC) on Monday. Zuma's political fate will be known after the meeting, according to Mantashe.
The rand stood at R11.86 to the dollar, R16.76 to the pound and R14.77 to the euro.
Earlier today at the Raging Bull Summit ANC treasurer general Paul Mashatile said the ANC would address President Jacob Zuma's exit this week. The Raging Bulls Investment Summit is hosted by Personal Finance and Business Report.
During the question phase of Mashatile's address, he was asked about the future of Jacob Zuma as President of the Republic. Would the President still be in power by the time the State of the Nation address takes place?
Mashatile said that the ANC's top 6 is addressing the issue this week. Mashatile was at pains to make it very clear is that this is not a new issue for the ANC.
He said whenever there is a new ANC president and the current president of the republic is serving out his remaining 18 months, it was not unusual to see disagreement and a lack of congruence within the party. This was evident when Zuma became president of the ANC party and Thabo Mbeki was still president of South Africa, Mashatile pointed out.
The ANC will address Zuma's possible exit this week but Mashatile could not say when this would happen and if it will be before the State of the Nation address.
On Tuesday various media outlets reported that the NWC was instructed by a number of officials to “confront” President Zuma to step down before the State of the Nation Address.
- BUSINESS REPORT ONLINE