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Rand, markets boosted by Mboweni appointment as Finance Minister

The banking index strengthened by about one percent after the announcement with economists saying there was a clear thumbs up from the markets.

Finance Minister Tito Mboweni. Picture: Cindy Archillies/EWN

JOHANNESBURG – The rand and the markets were boosted by the announcement that Tito Mboweni was the next Finance Minister.

The banking index strengthened by about 1% after the announcement with economists saying there was a clear thumbs up from the markets.

Nedbank economist, Isaac Matshego, says Nhlanhla Nene made an honourable move by stepping down.

“I must say that former Minister Nhlanhle Nene should be commended for his integrity, resigning was the only right thing to do.”

The rand also strengthened after the announcement of Mboweni as Finance Minister.

It had traded above R15 to the dollar earlier on Tuesday but recovered.

Rising US interest rates have had a profound effect on the local currency and the stronger rand has been welcomed.

(Edited by Leeto M Khoza)

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