South Africans are abuzz with talk of the rand’s recent instability against the US dollar, sparked by uncertainty surrounding the appointment of the cabinet. Social media was flooded with reactions as the rand fluctuated, causing confusion among users.
The volatility in the rand’s value has raised concerns, attributed to the delays in President Cyril Ramaphosa’s cabinet formation and the DA’s threats to withdraw from the government of national unity (GNU).
Trading at R18.00 on Monday, the rand later slipped to R18.23. By Thursday, it had traded at R18.16 and then at R18.42. Friday saw a slight rise to R18.18.
Many have pointed fingers at political uncertainties surrounding the ongoing GNU discussions. Patriotic Alliance leader Gayton McKenzie quipped, “The rand is a card-carrying member of the DA in very good standing. You touch the DA, you touch the rand,” adding to the heated debate.