President Cyril Ramaphosa has announced former Reserve Bank Governor, Tito Mboweni, as the new Minister of Finance.

This comes after Ramaphosa accepted the resignation of Nhlanhla Nene.

Ramaphosa addressed the media at Tuynhuys Media Centre in Cape Town.

The rand is currently trading at 0.67% stronger at R14,75 after Ramaphosa’s announcement.

It is the first time it has reached below R15 in October.

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