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Abstract

At exactly the eleventh hour on 3 June 2009, a cold and wet winter's day in Cape Town, President Jacob Zuma stood at the podium to deliver his hourlong, and very first, state-of-the-nation address. It was the opening of the sixteenth session of South Africa's first democratically elected parliament. World reaction was quick, according to Bloomberg. By 11:07, just seven minutes into his speech, South Africa's currency traded weaker at 8.0375 per dollar from 7.9477 the previous day. And three days later, having weakened even further, the rand stood at 8.0099 to the US dollar. Why?

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/content/imiesa/34/6/EJC44625
2009-06-01
2016-12-08
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