Rand pulls back as relief rally linked to new finance chief wanes
Mboweni’s appointment is strategic as he has been out of the executive for many years, sheltering him from political divisiveness within the ANC and government, one analyst says
The rand was a touch weaker on Wednesday morning, suggesting that markets have fully absorbed the appointment of the new finance minister. Markets heaved a sigh of relief on Tuesday when President Cyril Ramaphosa named Tito Mboweni as the new finance chief, bringing to an end the uncertainty that hung over local markets. Mboweni replaces Nhlanhla Nene, who resigned amid pressure following his previously undisclosed meetings with the controversial Gupta family, which stands accused of using their relationship with former president Jacob Zuma to unduly win government tenders, among other allegations. "Mboweni’s appointment is considered a strategic one given that he has been removed from the executive for many years, sheltering him from political divisiveness both within the ANC and the government,” Rand Merchant Bank analyst Nema Ramkhelawan-Bhana said. "Regarded as a hawk during his tenure at the [Reserve Bank], Mboweni will need to apply the same level of tenacity to the task at ha...
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