Investors spooked by the uncertainty surrounding the fate of President Cyril Ramaphosa have pulled their money out of South Africa, with billions of rands already gone to greener pastures.
The yield on 10-year rand-denominated debt surged 91 basis points to 11.71%, the most in a day since former president Jacob Zuma’s axing of Nhlanhla Nene as finance minister in December 2015.
With Christmas Day falling on a Sunday this year, the two unions say workers would forfeit their pay or resting day if the president does not make the declaration.