Rand weakens after Zuma’s veiled threats

JOHANNESBURG – Embattled President, Jacob Zuma was on Tuesday given an ultimatum to resign as head of state or otherwise face a motion of no-confidence in Parliament tomorrow.

ANC Chief Whip Jackson Mthembu and ANC treasurer-general, Paul Mashatile on Wednesday afternoon, announced the decision of the ANC caucus; to announce a motion of no-confidence in the President, scheduled to take place on Thursday.

The rand, following the ANC caucus decision to pass a motion of no-confidence against Zuma, bid at R11.85 to the dollar before the press briefing and raised to R11.78 to the dollar after assurance was given that …read more