Bad news for the South African rand – could President Zuma be to blame?

South African President Zuma has been clutching at straws for explanations for the state of the country’s economy recently. When markets opened late on Sunday, traders would have been able to achieve over 25 rands to the British pound, a record low for the South African currency. Zuma dismissed claims that the faltering economy is down to him: ‘the rand was going down anyway’.

Many investors see this as a clear indication that he doesn’t understand how global capital markets work. His reluctance to listen to those who do know more than him, as well as the poor living conditions of many South Africans has led to the creation of a petition to have him removed which has so far been signed by over 200,000 people. It would seem that there is no respite in sight for the rand.

Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.