South African rand stronger ahead of new Cabinet announcement

  • World
  • Saturday, 22 Jun 2024

JOHANNESBURG, June 21 (Xinhua) -- The South African rand, the national currency, went firmer Friday, holding at about its best level in almost one year as investors await the announcement of the Government of National Unity's (GNU) new Cabinet.

During Friday's late afternoon trading session, the exchange rate between the rand and the U.S. dollar firmed to 17.91, nearing its strongest level since August 2023.

Cyril Ramaphosa, leader of South Africa's ruling African National Congress, took the oath of office as the country's president for the next five years Wednesday. Following the president's inauguration, the national executive was dissolved, requiring the appointment of a new Cabinet.

Local media reported that Ramaphosa is expected to unveil the new Cabinet in the coming days.

On Friday, the United Democratic Movement said it is accepting the invitation from the ruling party to form part of the GNU, bringing the number of parties to participate in the GNU to seven. Earlier this week, the Democratic Alliance, the Inkatha Freedom Party, GOOD, the Patriotic Alliance, and the Pan Africanist Congress of Azania announced that they would join the GNU.

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