• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

South African Rand weakens as traders await Cabinet announcement

1 year ago
in Business, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
40
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

South African Rand weakens as traders await Cabinet announcement

The South African rand weakened for a third day as traders awaited news on the appointment of a cabinet, almost a month after elections stripped President Cyril Ramaphosa’s party of its parliamentary majority.

Negotiations on the formation of a new executive are continuing. The African National Congress, the biggest party in the broad coalition that’s set to govern the country, said the cabinet is expected to be unveiled in the next two days.

The make-up of the cabinet is being closely watched by investors anticipating an acceleration of economic reforms needed to address the nation’s energy crisis, fix its collapsing ports and railways, and reduce crime and corruption. The rand has whipsawed on speculation that talks between the ANC and the centrist Democratic Alliance — the second-biggest party in the coalition — have faltered.

“It’s an ongoing process, and unfortunately there’s all these sort of allegations of different meetings taking place,” Democratic Alliance spokesman Richard Newton said by phone. “At this point, we don’t have any expectations of a finish point. We have to continue with our negotiations and wait for the president to make his decisions.”

The rand weakened as much as 0.6% and traded 0.1% lower at 18.2625 per dollar by 10:23 a.m. in Johannesburg. A close at that level would be the worst since June 14. The yield on rand-bonds maturing in 2035 rose three basis points to 11.3%

“The rand has chopped about in Asia with politics still its poison of choice,” said Robert Hoodless, co-head of FX and macro analysis at InTouch Capital Markets Ltd. “It seems there is still some tension over how the jobs are dished out, and one news report suggested that negotiations ‘threaten to be derailed.’ This tension appears to be behind” the currency’s weakness earlier in the day, he said.

RelatedPosts

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

Dangote Plans 10% Sale of Refinery Shares

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

ANC spokeswoman Mahlengi Bhengu-Motsiri confirmed negotiations are continuing and that an announcement is expected within the next 48 hours.

Source: bloomberg
Via: norvanreports
Tags: South African randSouth African Rand weakens as traders await Cabinet announcement
No Result
View All Result

Highlights

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

Trending

Business

New UN Forum Aims to Tackle Developing Economies’ Debt Issues

October 23, 2025

New UN Forum Aims to Tackle Developing Economies' Debt Issues A new U.N.-supported forum designed to help...

Dangote Plans 10% Sale of Refinery Shares

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

October 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.