Rand Bucks Political Risk With Investors Focusing on Reforms

South Africa’s rand is shrugging off the threat that President Cyril Ramaphosa may be impeached, reflecting a bet that economic reforms he has championed will endure if he falls.

The veteran leader rejected calls to resign during a late-Monday address to the nation, which now waits for the next procedural steps in a saga involving a theft from his farm that surfaced in 2022 and was dramatically resurrected by a court ruling on May 8.