President Cyril Ramaphosa is expected to deliver the Opening of Parliament Address on Thursday evening. Picture: Kopano Tlape / GCIS
The rand took some hits on Wednesday but gained some strength against global currencies as South Africans await the opening of Parliament on Thursday.
The rand was trading at around R18.23 against the dollar on Wednesday at midday.
Investors essentially let go of riskier assets due to concern over the state of the world economy and Donald Trump's remarks on Taiwan.
The rand has now recovered somewhat on Thursday morning and was trading at around R18.17 to the dollar at 8.40am.
The rand was trading at around R19.87 to the euro and around R23.61 to the pound.
The rand remained positive as President Cyril Ramaphosa is set to open Parliament on Thursday evening at 7pm.
Speaker of the National Assembly, Thoko Didiza said that the opening of Parliament is a significant event for the country’s democratic process.
“It stands as one of the few occasions that brings the three arms of the State, the executive, legislature and judiciary under one roof, reaffirming the commitment of all branches of State to democratic principles, accountability and cooperation in the pursuit of national progress and prosperity,” Didiza said.
“The Opening of Parliament Address (OPA) serves as a pivotal platform for the President to articulate the administration's comprehensive plans and long-term vision for the upcoming five-year term,” she explained.
Didiza said that in the weeks since the elections, government has successfully arranged and on-boarded all 454 members of Parliament across both Houses.
Government has also successfully convened the first sittings of the National Assembly and the National Council of Provinces and has concluded the elections of Presiding Officers of Parliament.
Parliament has indicated that it has budgeted between R6 million and R14 million that will be used for the event set to take place at the Cape Town City Hall.
Secretary to Parliament, Xolile George said government had made that budget because in 2023 during the State of the Nation Address, they had a budget of R8.4 million.
IOL BUSINESS