Rand firms as investors wait to see if Jacob Zuma will go

Cyril Ramaphosa, South Africa's deputy president and newly elected president of the ruling African National Congress, says he will tackle corruption in the country

Zuma had asked the party to give him a notice period of three to six months but that had been rejected, Magashule said.

A strong press contingent was also waiting outside Zuma's official residence, Mahlamba Ndlopfu, close to the Union Buildings.

Ruling African National Congress (ANC) has given President Jacob Zuma 48 hours to resign from office, warning that if he fails to comply he would be forced out, according to state broadcaster SABC Tuesday.

This raises the possibility that Mr Ramaphosa, who is deputy president, could replace Mr Zuma by the weekend or even earlier.

He said the NEC resolved to recall Zuma and will brief Parliament caucus on Wednesday.

At the time, Ramaphosa cancelled an emergency urgent NEC meeting that was called for last week Wednesday in Cape Town, describing his talks with Zuma as "fruitful and constructive".

Zuma, 75, has denied any wrongdoing.

Ramaphosa narrowly defeated Zuma's ex-wife and preferred successor, Nkosazana Dlamini-Zuma, in the leadership vote, forcing him to tread carefully in handling Zuma for fear of deepening rifts in the party a year ahead of an election.

No new indication was given on whether Zuma had any intention to address the media this week.

More news: Sask. tied for 2nd lowest unemployment rate in Canada

Ace Magashule, the sribe of the ANC, had told a news conference that Zuma would respond by Wednesday on the decision to "recall" him.

"He will finish what he started because he does not take orders beyond the Atlantic Ocean", she said.

Police did not say who they had arrested, but added that two others were expected to hand themselves in.

Pressure has mounted for the past fortnight on the beleaguered Zuma to step down.

Bianca Botes of Peregrine Treasury Solutions said she expects the rand to trade below the R12.00/$ level over the short term, on the back of a rebound in emerging market stocks and positive sentiment over Zuma's recall.

The state capture report was initially contested by Zuma and he only appointed a commission of inquiry into the issues it raised, after the Supreme Court ruled that he must appoint such a commission.

Opposition parties in parliament have called for the motion of no-confidence in President Jacob Zuma‚ scheduled for February 22‚ to be brought forward to this week.

The entire Cabinet would have to step down if such a vote went through.

South Africa's chief prosecutor is expected to make a decision on whether to prosecute Mr Zuma on the old charges, which were reinstated past year after being thrown out in 2009. If that happens, Ramaphosa would likely become South African president.

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