South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors

The South African rand fell over 4% against the dollar to around 17.95 before paring losses to the lowest since November 4th, after “farmgate” rumors spread that President Cyril Ramaphosa was considering resigning after a panel report found preliminary evidence, he may have committed serious misconduct. Ramaphosa was due to address the nation on Thursday, Ramaphosa’s spokesman Vincent Magwenya said: “An announcement is imminent. … I can’t confirm the date and time, we will advise.” in response to Reuters. Farmgate … Continue reading “South African Rand Plunges on President Cyril Ramaphosa Farmgate Scandal Rumors”