South Africa's rand gains on Zuma exit rumours; stocks flat

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South Africa's rand slips as investors book profits

South Africa's graft-tainted president Jacob Zuma has announced a probe into corruption at the highest levels of the state after parliament indicated it would this week deliberate procedures for impeachment.

"It's really hard to call, it needs to close above (R) 12.52 to get out of these ranges, but a test of around (R) 12.20 can not be totally discounted", Bryson said.

South Africans might not get the outcomes they want to hear after the ANC's new National Executive Committee (NEC) meets on Wednesday and Thursday.

But talks of a motion to remove Zuma being forced into the agenda have been gaining momentum.

"The allegations that the state has been wrestled out of the hands of its real owner' the people of South Africa' is of paramount importance and are therefore deserving of finality and certainty'" Zuma said in a statement yesterday.

The meeting only deliberated on what the January 8 statement that party president Cyril Ramaphosa will deliver to ANC supporters on Saturday at the Buffalo City Stadium should entail.

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"The procedures for election and removal of president of South Africa are clearly set out in the constitution, and it is not our intention in this letter to recount each and every constitutional provision, other than reminding the NEC that you are not an appointing nor a removal authority about any person holding or due to hold position of president of South Africa".

In terms of existing ANC policy‚ the party president automatically becomes the country's president.

In 2016 a damning report questioned Zuma's dealings with the Guptas, a wealthy family of Indian origin, who allegedly were granted influence over his cabinet appointments.

"It is quite clear that Ramaphosa is not equal to the task of getting rid Zuma as the majority of the ANC is still made up of corrupt and selfish leaders who put filling their own pockets before the needs of the people‚" Van Damme said.

Transform RSA was demanding "an unequivocal and unconditional undertaking" by the party and its NEC, allies and partners that there would be no intention to discuss or decide on removing Zuma from office.

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