Rand takes a beating

Economist Professor Jannie Rossouw has warned the president's statement could have a negative impact on his bid to restore investor confidence.

JOHANNESBURG - The rand is losing ground against major currencies. 

This could be linked to President Cyril Ramaphosa making reference in Parliament to the nationalisation of the Reserve Bank

Ramaphosa was speaking at a Q&A session on Thursday.

He says the bank must be owned by the people of South Africa.

Ramaphosa's pointed out this has been done by numerous countries in the world.

READ: Ramaphosa says Reserve Bank independence 'sacrosant'

He was responding to the DA's Mmusi Maimane who asked the president to clarify government's position on the nationalisation of the bank.

Bianca Botes at Peregrine Treasury Solutions has said that the markets are viewing this as undermining the SARB's independence. 

Botes has warned that a key barrier would be the R14.50 level against the US dollar.

At 5.53pm, the rand was at R14.45.

Source
eNCA