Business Maverick: South Africa Rand’s Volatility Rises Amid Ramaphosa Farm Robbery Scandal

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 84%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The rand’s volatility is soaring as a scandal involving South African President Cyril Ramaphosa and the sale of buffalo once again shakes investor confidence.

The currency’s one-month implied volatility surged by the most in a month after South Africa’s tax authority said it’s unable to find records of the cash allegedly used by a Sudanese businessman to purchase the animals. The rand dropped as much as 0.7% against the dollar.

“Political uncertainty may resurface,” said Piotr Matys, senior foreign exchange analyst at InTouch Capital Markets. “With the opposition determined to find out the truth about those funds, President Ramaphosa may face fresh calls for impeachment.”The scandal — tied to the buffalo profit that Ramaphosa failed to report stolen — is now once again threatening to roil South African financial markets.

An advisory panel found last year that the leader may have breached the constitution over his handling of the theft of at least $580,000 that had been stashed in a sofa at his game farm. Lawmakers later quashed the report, scuppering a potential impeachment inquiry, though opposition members of parliament have called for further investigations into the matter.

The main opposition Democratic Alliance had asked the South African Revenue Service to confirm that the businessman complied with a legal requirement to declare the foreign currency upon his arrival in the country. The agency said in a statement Monday that it “is not in possession of said record.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Investors must be mad to invest in this black communist pig sty.

Where is he?

Not a President.....more of a criminal!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Soaring cost of potatoes drives up South African Shisa Nyama Index | BusinessThe Shisa Nyama Index suggests it’s going to be a tough 2023 for low-income earners in South Africa — which has an unemployment rate of 32.7% and power shortages that have resulted in rolling blackouts every day this year. | News24_Business _Business The fact that the antiwhite regime refuses to stop white erasure at Eskom proves that victimizing a few thousand White workers is more important for antiwhites than helping millions of non-white citizens.
Source: News24 - 🏆 4. / 80 Read more »