Rand strengthens following Tito Mboweni's appointment as the Finance Minister

Rand strengthens following Tito Mboweni's appointment as the Finance Minister

On Tuesday, South Africans were introduced to their new Finance Minister after Nhlanhla Nene resigned from the office earlier that day.

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Tito Mboweni was named the new minister of Finance on Tuesday after increasing pressure mounted on Nene to quit following his testimony in the state capture inquiry.

Mboweni's appointment seemed to be a move in the right direction with the rand gaining strength against the dollar in just a day.

After Nene's testimony, the rand dropped drastically, reaching over R15/$ for the first time in three weeks.

However, the rand strengthen to R14,66 a dollar on Wednesday morning after Mboweni took over the office.

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Earlier Briefly.co.za reported South Africans were left wondering why Tito Mboweni accepted the role of Finance Minister after he said he wasn't available for it.

Previously Mboweni was quoted saying he would pass on the opportunity to be the finance minister, adding he thought it was time the ANC stopped recycling cabinet members.

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According to Khaya Sithole, a political analyst, the urgency of the need to fill the post may have left Mboweni unable to decline. The midterm budget is in a few weeks and someone was needed to take charge of this.

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Source: Briefly.co.za

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