Rand weakens as Zuma stays in office

  • Rand weakens as Zuma stays in office

Rand weakens as Zuma stays in office

President Jacob Zuma's statement, issued on the eve of a high-level ruling party meeting where his fate is a certain topic of discussion, said any further delay will make the public doubt the government's resolve to fight graft.

This is in contrast to the meeting at which former president Thabo Mbeki's recall was discussed, which reportedly went on for a day and ended after midnight.

The rally has since stalled, with signs of higher rates in the USA shifting some of the focus back to fundamentals, although analysts said a decision on Zuma remained the main swing factor. "His hand has been forced", said Mmusi Maimane, the leader of the main opposition Democratic Alliance, reported ABC News.

Deputy Chief Justice Raymond Zondo is expected to head the commission.

It came after a high court ruling in December gave him 30 days to abide by the recommendations of the anti-corruption watchdog to appoint the commission of inquiry, and to let Chief Justice Mogoeng Mogoeng choose the judge who will head it as Mr Zuma is "conflicted" in the matter.

A scandal erupted after documents leaked to the South African press previous year revealed the close ties between his family and the secretive, well-connected Gupta's, who numerous allegations revolve around.

"There should be no area of corruption and culprit that should be spared the extent of this commission of inquiry", he continued, before adding that he expects everyone to cooperate with the inquiry".

It also deeply divided the ANC, which has been in power since the end of white minority rule in South Africa in 1994.

South Africa's rand fell the most among emerging-market currencies after President Jacob Zuma took steps to defuse possible calls for his ouster by the ruling party.

In his goodbye speech as ANC leader last month, the 75-year-old Zuma acknowledged "failures" that have threatened the party's future and said greed was posing a serious threat.