ANC secretary-general Fikile Mbalula (Jan Gerber/News24)
South Africa is on the verge of finalizing discussions for a new government, as confirmed by the ANC. This news resulted in a surge in the rand’s value.
ANC Secretary-General Fikile Mbalula announced on X that talks regarding the Government of National Unity (GNU) are nearing completion, emphasizing that it is in the best interest of all South Africans.
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Simultaneously, Bank of America strategists have ended their bearish stance on the rand, foreseeing the formation of a coalition government between the ANC and the centrist Democratic Alliance.
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This development led to a 1.6% increase in the rand’s value, trading at R18.1983 per dollar by 11:00 in Johannesburg.
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