FILE PHOTO: South African Rand coins are seen in this photo illustration

South Africa’s rand plunged to a seven-week low against the dollar after the African National Congress was said to propose that the Reserve Bank should be fully state- owned, fueling concern the ruling party may target the central bank’s independence.

The rand slumped as much as 2 percent and traded 1.2 percent weaker at 13.3526 per dollar by 1:28 p.m. in Johannesburg, heading for the lowest close since May 18. Yields on benchmark government bonds due December 2026 reversed a decline to trade three basis points higher at 8.81 percent.