JOHANNESBURG- The rand has weakened on fears that land will be expropriated without compensation, after parliament voted in the motion to change the constitution law to allow land without compensation.
The rand weakened to R11.75 to the dollar on Tuesday after Parliament passed a motion to look at changing the Constitution to allow the expropriation land without compensation and as trading at R11.73/ to the dollar on Wednesday.
The rand has recovered to R14.34 from R14.40 to the euro and R16.30 from R16.35 to the pound.
The rand did slip after the motion was passed on Tuesday.
ANC chip whip Dorries Dlakude said, “recognizes that the current policy instruments‚ including the willing buyer willing seller policy and other provisions of section 25 of the Constitution may be hindering effective land reform”.
Photo Credit- eNCA