Close-up of a R5 coin placed on top of the new South African R100 banknote, featuring the smiling face of iconic politician Nelson Mandela.
The rand firmed on Wednesday despite President Cyril Ramaphosa's decision to sign the controversial National Health Insurance (NHI) Bill.
The currency was trading little changed at R18.35 to the dollar in late afternoon trading, shortly after Mr Ramaphosa formally declared his entry into the National Health Insurance System at a signing ceremony at Pretoria's Union Buildings. News that the NHI would be signed into law just two weeks before the May 29 general election, in which the ANC is expected to lose its majority for the first time, was met with a mix of consternation and threats of legal action from the corporate lobby. I was welcomed. Group and private health insurance companies.
Adam Furlan, Fixed Income Portfolio Manager at Ninety One, told News24 that the rand's resilience in the face of the National Health Bill was backed by strong US inflation data that supported the possibility of a rate cut, as well as South Africa's He said it was likely due to a combination of factors, including inflation statistics. Improving terms of trade. He also said Rand was assisted by the fact that the risks associated with national health insurance are well known and likely to be challenged in court.
South Africans need to gain knowledge if we want to build a prosperous future. News24 has been keeping the nation informed for 25 years and we are entering a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news designed to inform, empower and inspire.
