Rand reacts to news
The rand reacted positively, gaining 0.79% to move to R14.72 to the dollar yesterday very soon after the announcement of the resignation of embattled finance minister Nhlanhla Nene and the appointment of former Reserve Bank governor Tito Mboweni to succeed him.
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 yesterday.