Rand stable as market eyes possible cabinet reshuffle
The rand was only marginally weaker against major global currencies despite market jitters about finance minister Nhlanhla Nene's future
The rand was marginally weaker against major global currencies on Monday afternoon, well off the day’s lows. Local political risk has spiked after reports that finance minister Nhlanhla Nene has offered to stand down, after it emerged last week he had not been forthcoming about meetings with the controversial Gupta family. Speculation on Monday was that President Cyril Ramaphosa would now reshuffle his cabinet. Former Gauteng finance MEC Barbara Creecy and ANC treasurer-general Zwele Mkhize have been named in various media reports as possible replacements for Nene. The rand fell to a one-month low against the dollar on Monday as a result of the Nene revelations, with the local currency also under pressure from a weaker euro, as well as generally risk-off sentiment on global markets. The local currency performed better against the euro and sterling, both of which face their own political headwinds. The EU’s conflict with Italy over its budget appeared to be intractable and headed for...
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