5 important things happening in South Africa today
·26 Mar 2018
Here’s what is happening in and affecting South Africa today:
- Economists and investors are celebrating ratings firm Moody’s decision to give South Africa a second chance by holding the country above junk status for the second time. The rand reversed recent losses on the news, and is now trading at three week highs once again. A cut to junk would have forced closed to R100 billion in foreign investment leave SA shores. [IOL]
- Former president Jacob Zuma is set to appear in court on charges of fraud and corruption on 6 April 2018, according to reports. Zuma’s legal team is also reportedly planning on challenging NPA head Shaun Abrahams’ decision to reinstate charges against him. [TimesLive]
- South Africa’s 2019 general elections may be brought forward, according to sources within the ruling party. It has been suggested that with all the positivity around new president Cyril Ramaphosa, having earlier elections would result in a bigger win at the polls. [Bloomberg]
- The ANC has called on its members to avoid wearing party colours if and when they support those charged with corruption – especially those tied to the state capture saga. Party secretary general Ace Magashule said that while ANC members were allowed to support accused leaders, they had to do so in their personal capacities. [eNCA]
- South Africa’s rand swept aside recent losses and rallied more than one percent to near its firmest in three weeks on Friday on overwhelming bets the country would dodge a downgrade to junk by Moody’s and dollar weakness. On Monday the rand was at R11.68 to the dollar, R16.53 to the pound and R14.44 to the euro.
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