Rand recovers some ground with coalition's future the focus
The rand strengthened in early trade on Tuesday, recovering some of the ground it lost a day earlier, with the future of the country's multi-party government the main focus.
At 0706 GMT, the rand traded at 19.44 against the dollar, 1% firmer on the day after falling about 2.7% on Monday.
The two biggest political parties in the ruling coalition, the African National Congress (ANC) and Democratic Alliance (DA), held meetings of their senior officials on Monday to discuss the way forward after disagreements over the budget.
Despite weeks of negotiations the two parties could not agree a common strategy on the budget, leading to the pro-business DA voting against the fiscal framework in parliament and some ANC figures pushing for the DA to leave the government.
At 0900 GMT, the ANC will brief reporters on the outcome of its discussions on Monday.
A DA spokesperson confirmed the party's Federal Executive met on Monday, but said it had not yet taken a decision on its position in the coalition, referred to locally as the Government of National Unity.
Local news website Eyewitness News reported that the ANC had resolved to continue negotiations with coalition partners, including the DA, and had reached out for talks.
The benchmark 2030 government bond was slightly stronger in early deals, as the yield fell 5 basis points to 9.325%.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
