ANC secretary-general Fikile Mbalula (Jan Gerber/News24)
South Africa is close to concluding discussions on forming a new government, the ANC said. The rand jumped.
“Almost done with GNU discussions, in the best interest of all South Africans,” ANC Secretary-General Fikile Mbalula said in a post on X. “It will be done as promised.”
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Mbalula’s statement coincided with Bank of America strategists saying they’ve closed their bearish trade recommendation for the currency as they anticipate a coalition government will be formed by the ANC and the centrist Democratic Alliance.
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The rand strengthened as much as 1.6% and traded more than 1.4% stronger at R18.1983 per dollar by 11:00 in Johannesburg.
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