The rand's instability against the US dollar this week amid uncertainty over the appointment of the cabinet has sparked a debate among South Africans.
Social media users were puzzled as the rand fluctuated against the dollar sparking a wave of reactions.
It's volatility raised concerns over the delay in forming President Cyril Ramaphosa’s cabinet and the DA's threat to withdraw from the government of national unity (GNU).
On Monday the rand traded at R18.00 against the dollar, however later in the day it was at R18.23.
On Thursday, the local currency traded at R18.16 and later at R18.42.
On Friday, it was quoted at R18.18.
Many people blamed the volatility on political instability with GNU talks still taking place.
“The rand is a card-carrying member of the DA in very good standing also. You touch the DA you touch the rand,” Patriotic Alliance leader Gayton McKenzie said.
'Is the rand a DA member?'
Image: ELMOND JIYANE/GCIS
The rand's instability against the US dollar this week amid uncertainty over the appointment of the cabinet has sparked a debate among South Africans.
Social media users were puzzled as the rand fluctuated against the dollar sparking a wave of reactions.
It's volatility raised concerns over the delay in forming President Cyril Ramaphosa’s cabinet and the DA's threat to withdraw from the government of national unity (GNU).
On Monday the rand traded at R18.00 against the dollar, however later in the day it was at R18.23.
On Thursday, the local currency traded at R18.16 and later at R18.42.
On Friday, it was quoted at R18.18.
Many people blamed the volatility on political instability with GNU talks still taking place.
“The rand is a card-carrying member of the DA in very good standing also. You touch the DA you touch the rand,” Patriotic Alliance leader Gayton McKenzie said.
Social media user Mark Andrews expressed his dissatisfaction with Ramaphosa's leadership.
“If true that Ramaphosa backtracked then the DA should walk. It will be Ramaphosa who is the biggest loser when he's recalled so the ANC can work with MK. Looking forward to the rand hitting R20 to the dollar soon and higher interest rates,” Andrews said.
Meanwhile, Mxolisi Maphanga questioned the structure of the GNU.
“Why is this GNU about DA and their demands? What about other parties and if the DA can pull out, why is that termed as the GNU collapse while there are 10 more parties that would remain?”
Some social media users were concerned about the balance of power within the GNU and the DA's “undue” influence.
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