New Zimbabwe.com

Rand falls as ANC squabbles over central bank

Moneyweb


South Africa’s rand fell early on Thursday to its lowest this year as a dispute within in the ruling African National Congress over the central bank weakened demand.

At 0800 GMT, the rand was 0.15% weaker at 14.88 per dollar compared with an overnight close of 14.86. It tumbled to a session low of 14.9625, its weakest since October, before settling near 14.80.

The currency has been hurt by the ANC’s internal squabble over whether the central bank should do more to promote jobs and growth. That exacerbated the damage done by data showing the economy shrank by 3.2% in the first quarter.

Bonds opened weaker, with the yield on the benchmark 10-year issue up 2.5 basis points to 8.475%.

EFF will submit a bill (Like the Land issue) to change the mandate of the reserve bank. Cyril (and his faction) is nowhere near in charge and we all know the caliber of cadre in parliament.

Magnus Heystek is one hundred present right. Time to cash in that annuity and get the bucks offshore. I thought holding discretionary investments locally in foreign ETF’s is a good idea. I honestly think its time to review that and just get everything I own offshore as a matter of urgency. Even just sell my house and rent for now.

I recall about 10 years ago a 74 year old Zimbabwean engineer that had 40 service and was MD of a large well known consultancy told me his pension could buy 2×2 liter Cokes.