'Masterstroke' or a 'mess'? Market experts on Ramaphosa's GNU plan

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Malcolm Charles,Gnu

'Masterstroke' or a 'mess'? Market experts on Ramaphosa's GNU plan

SA's financial markets reacted favourably to news of the ANCs' proposed government of national unity with the rand steady on Friday, despite ongoing uncertainty about which opposition parties would join the proposed structure.

After closing in on R19/$ overnight, the rand traded at R18.88/$ by lunch time. It briefly touched R18.81 earlier in the day. The currency breached R19 earlier this week on reports some ANC members, as well as the ruling party's labour union allies, were opposed to an alliance with the more market-friendly DA.

However, the currency was in positive territory after President Cyril Ramaphosa announced late yesterday that the ANC favoured a GNU following a marathon National Executive Committee meeting at the Birchwood Hotel in Boksburg.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.

 

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