JOHANNESBURG, The South African Rand firmed more than 2.3 per cent to 12.7800 Rand per US dollar Sunday as South African Deputy President Cyril Ramaphosa, who is also the current deputy president of the ruling African National Congress (ANC) won the most nominations in the contest for the top leadership of the party, succedding President Jacob Zuma, who is also the current party leader.
Ramaphosa and fiormer South African Home Affairs (Interior) Minister and former International Relations and Co-operation Minister, Nkosazana Dlamini-Zuma, the former wife of PresidentZuma, were formally nominated to contest the top post in the ANC.
The Rand is stronger on the likelihood of Cyril Ramaphosa being elected ANC head. The markets favour Ramaphosa and expect him to improve the economy,” said said Brett Birkenstock, a director at Overberg Asset Management.
Ramaphosa drew the majority of nominations from party branches. However, some analysts cautioned that nominations do not equate to votes by the delegates who were expected to start casting their ballots later Sunday. The result of the election is expected to be announced Monday.
Source: NAM NEWS NETWORK