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Trading  | May 23, 2017

The Rand spiked towards 13/USD – its highest in a month – after reports that South Africa’s ruling African National Congress’s National Executive Committee will discuss option of the party removing President Jacob Zuma at May 26-28 meeting, according to two members of the decision-making panel who declined to be identified because they aren’t authorized to speak publicly on the matter.

As Bloomberg reports, the option to remove Zuma to be raised as part of discussion on no-confidence motion called by opposition parties in president in parliament, one of the people says.

While the official denial has been issued

While the NEC’s agenda will only be agreed at its meeting, the matter of Zuma’s removal won’t be discussed, ANC spokesman Zizi Kodwa says by phone.

USDZAR has not stalled its move yet.

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