Rand falls on news ANC wants constitutional amendment on land expropriation

The rand fell by over 1% in early trade as the oil price and US dollar strengthened.
The rand fell by over 1% in early trade as the oil price and US dollar strengthened.
iStock

The rand abruptly lost 16c to the dollar in late trade on Tuesday, after ANC President Cyril Ramaphosa announced his party wanted to amend the constitution to clarify the conditions under which expropriation of land without compensation would take place.

Ramaphosa, speaking in his capacity as the head of the ruling party, was giving an economic update at the conclusion of a two-day ANC lekgotla on Tuesday evening. 

"The ANC will, through the parliamentary process, finalise a proposed amendment to the constitution that outlines more clearly the conditions under which expropriation of land without compensation can be effected," said Ramaphosa, who was elected ANC leader in December. 

He said the aim of the amendment was to promote redress, advance economic development and boost food security. 

"It will also transform the unjust spatial realities in urban areas."

The local currency was trading at R13.10 before Ramaphosa spoke, and had weakened to R13.26 at 22:53.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.00
+0.7%
Rand - Pound
19.86
+0.4%
Rand - Euro
17.11
+0.1%
Rand - Aus dollar
10.91
+0.4%
Rand - Yen
0.13
+0.4%
Gold
1,870.01
+0.2%
Silver
28.20
+0.1%
Palladium
2,908.53
+0.2%
Platinum
1,224.00
-1.6%
Brent Crude
69.46
+1.1%
Top 40
61,190
-0.0%
All Share
67,255
+0.1%
Resource 10
70,784
+0.2%
Industrial 25
83,774
-0.3%
Financial 15
12,689
+0.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1489 votes
No, I did not.
52% - 3684 votes
My landlord refused
27% - 1960 votes
Vote