News that President Cyril Ramaphosa could be impeached saw the rand and local equities crash this week. Some analysts warn the rand's weakening could extend if there is less clarity on Ramaphosa's future. The scandal threatening the future of Cyril Ramaphosa's presidency rattled South Africa's financial markets this week and the instability risks inflicting more damage still on the country's currency and bonds. The cost of insuring the debt against default jumped and South African bank stocks posted the worst one-day loss in more than two-and-a-half years. African National Congress (ANC) officials are expected to continue discussing the matter over the weekend, with investors eager for any updates.

Source: News 24 December 03, 2022 10:11 UTC