Thapelo Lekabe
Digital Journalist
1 minute read
11 Aug 2016
10:54 am

DA takes credit for rand’s stellar performance

Thapelo Lekabe

The Western Cape premier took to Twitter to boast about the rand's performance.

Former Democratic Alliance leader Helen Zille. File picture: Werner Beukes/SAPA

With the rand rebounding and gaining much momentum following last week Wednesday’s bruising local government elections that shed the ANC’s majority for the first time since the dawn of local democracy, former DA leader Helen Zille seems to attribute the local currency’s appreciation to her party’s historical electoral inroads.

Zille took to Twitter on Wednesday evening to harp about the DA’s performance in response to news that the rand’s value had gained more than 16% against the dollar since the beginning of this year, booting out Nigeria as Africa’s largest economy, in terms of the currency markets.

South Africa’s rand hit a fresh 10-month high against the dollar and British pound in early trading on Wednesday morning, as emerging markets continued to gain against the US currency. At 10:20 on Thursday the rand traded at R13.35 against the green back. However, analysts have cautioned the currency might come under strain in the coming months due to global risk aversion resurfacing and sluggish growth on the domestic front.

The tweet from the premier of the Western Cape, the only province not run by the ANC, sparked criticism and adulation from some of the users of the social networking site.