President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa on Tuesday. PHOTO: ANA

Business In The News South Africa

Rand holds firm as finance minister Nene quits

JOHANNESBURG, October 9 – The rand reacted positively at 0.79 percent stronger at R14.72 to the dollar on Tuesday, soon after the announcement of the resignation of embattled South African Finance Minister Nhlanhla Nene and the appointment of former Reserve Bank governor Tito Mboweni to succeed him.

President Cyril Ramaphosa announced that he had accepted Nene’s letter of resignation “in the interests of good governance” on Tuesday morning after Nene said there was risk that the developments around his testimony at the State capture commission will detract from the important task of serving the people of South Africa.

It is not yet clear if Nene will still travel to Indonesia to represent South Africa at a meeting of the International Monetary Fund and World Bank as National Treasury had said earlier on Tuesday.

Nene got himself embroiled in a scandal after he admitted to having visited the controversial Gupta family businesses in Midrand as well as their residence in Saxonwold between 2010 to 2014, when he was deputy minister and minister finance respectively.  (ANA)

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