Zuma-rand link ‘unfounded’ – ANC

2013-05-31 16:46

Reports linking an address by President Jacob Zuma to the weakening of the rand were “unfounded”, the ANC has said.

“Suggestions in the media linking the president’s speech to the news of the weakening rand are scientifically unfounded,” ANC chief whip spokesperson Moloto Mothapo said today.

“The president’s bold intervention to address economic challenges cannot be the reason for the decline of the rand.”

The rand fell to around R10 against the US dollar yesterday, a few hours after Zuma sought to assure the nation and investors that government was dealing with the instability in the mining sector. This was the lowest level it has been in four years.

Mothapo’s office said the mining industry welcomed the call by Zuma to work with government and labour, as well as the importance of his briefing.

The office also welcomed Zuma’s “frank reflections” on the state of the South African economy, and said the country had done well on the economic front since the first democratic elections in 1994.

Zuma said that South Africa needed a stable mining industry in order to increase its economic growth.

“Our country needs a stable and growing mining industry. Mining has been a key feature of this country’s economy for more than 130 years,” Zuma told reporters at the Union Buildings in Pretoria.

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