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President Zuma narrowly survives no-confidence vote, dashing traders' hopes

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President Zuma narrowly survives no-confidence vote, dashing traders' hopes

Wed, 09 August 2017
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President  Zuma narrowly survives no-confidence vote, dashing traders' hopes

(ShareCast News) - South Africa's president Jacob Zuma has narrowly survived the no-confidence vote against him in parliament on Tuesday, dashing the hopes of traders who had eyed up the rand so intensively yesterday on the possibility that it might surge against the dollar.
The South African rand ramped up against the dollar earlier this week and traders turned more bullish on the currency in the hope that it would strengthen against the dollar if yesterday's key vote went against the president.

As of 1044 BST, the US dollar was 0.51% stronger against the African country's currency at 13.47.

A total of 198 MPs voted against the president, compared with 177 in favour in a secret vote which fell short of the simple majority needed to force Zuma and his cabinet out of power.

Opposition parties had hoped that the secret ballot would provoke some MPs from the governing African National Congress party to side with them against the president.

Attempts to unseat the 75 year-old president came after months of growing anger over allegations of corruption such as using taxpayer money for upgrades on his private home, and becoming too close to the wealthy Gupta family, who are accused of trying to influence politician decisions - as well as a sinking economy.

Zuma had survived previous revolts against his leadership from within his own party.

In his thank you speech to those that had supported him, The Guardian put him on record as saying: "I've just come to say thank you to all of you. Those comrades who are in parliament needed the support from the membership. You came in your numbers to demonstrate that the ANC is there, is powerful, is big. It is difficult to defeat the ANC, but you can try."