Rand rallies below R18/$ as Godongwana retains finance post
South Africa’s rand extended a post-election rally after President Cyril Ramaphosa announced a new cabinet that he said would prioritise rapid and sustainable growth.
Analysts at Rand Merchant Bank said Ramaphosa’s retention of Enoch Godongwana as Finance Minister was particularly significant for domestic markets. The reappointment signals a continuation of a prudent fiscal approach and adherence to projections outlined in the February budget and medium-term expenditure framework, they said.
Ramaphosa also included members of the DA — considered business-friendly by investors — in his cabinet, with leader John Steenhuisen named agriculture minister. The coalition government was formed after the ANC lost its parliamentary majority.The currency weakened toward 19 when it became clear that the ANC would lose more support than initially expected in the May 29 vote.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rand breaks below R18/$ barrier on inauguration dayRand breaks below R18/$ barrier on inauguration day
Read more »
South African rand hits year-high, trades at R18 to the dollarThe South African rand reached its strongest level in nearly a year, trading at R18 to the dollar on Wednesday, 19 June.
Read more »
UBS sees rand at R18/$ by mid-2025 as investor concern over GNU persistsUBS sees rand at R18/$ by mid-2025 as investor concern over GNU persists
Read more »
Rand 'at the mercy of politics', to hit R18.40/$ in third quarterRand 'at the mercy of politics', to hit R18.40/$ in third quarter - Bank of America
Read more »
Rand Report: Rand hits 10-month high, then dips amid political uncertaintyThe rand dropped to R18.23 per USD before rebounding to around R18.10 due to a technical correction and anticipation of President Cyril Ramaphosa’s cabinet appointments.
Read more »
The Rand Report: South African Rand gains major strength after a week of geopolitical wavesThroughout the week, the dollar strengthened after hours, but during the South African trading desk time, the rand gained strength and lowered the exchange rate.
Read more »