South Africa's rand weakens on political risk, credit downgrade fears

April 5, 2016 7:17 AM

29 0

JOHANNESBURG, April 5 South Africa's rand weakened on Tuesday as President Jacob Zuma faced a vote in parliament to remove him from office for failing to uphold the constitution, and a warning by the central bank that the risk of a credit ratings downgrade had increased.

Zuma has the backing of the African National Congress (ANC), which he secured on Friday after apologising for his failure to repay some of the $16 million spent on his private Nkandla home because it was based a bad legal advice.

Also read: Houston lost 25,000 jobs in September as Harvey's impact felt

Read more

To category page