South Africa is on the brink of finalizing talks to establish a new government, according to the African National Congress (ANC). This news led to a surge in the value of the rand.
“Almost done with GNU discussions, in the best interest of all South Africans,” said ANC Secretary-General Fikile Mbalula in a post on X. “It will be done as promised.”
Amid these developments, strategists at Bank of America announced the conclusion of their bearish trade recommendation for the South African currency, citing expectations that the ANC and the centrist Democratic Alliance will form a coalition government.
As a result of these optimistic developments, the rand appreciated significantly, reaching a high of 1.6% and maintaining a 1.4% gain to trade at R18.1983 against the dollar by 11:00 AM in Johannesburg.
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