The rand was largely steady on Tuesday morning, a day after President Cyril Ramaphosa revamped his Cabinet, which he hoped would steer the country in the right direction. Nhlanhla Nene was reappointed as finance minister, in a move that is likely to promote integrity at the Treasury, thus pleasing the markets. In 2015, then president Jacob Zuma unceremoniously removed Nene from the finance position, causing the rand and local bonds to lose substantial value. North-West University School of Business and Governance economist Raymond Parsons said the latest Cabinet changes were a "potentially positive development, which must now demonstrate that [the government] can implement the message of economic renewal". But the rand showed little reaction to the news, suggesting partly that news of Cabinet changes could have been discounted. The local currency has had a terrific run in the past few weeks, making it vulnerable to short-term pullbacks. Nene replaced Malusi Gigaba, who is heading ba...

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