When President Cyril Ramaphosa named a new electricity minister to address the worst power outages in the nation’s history, the rand reportedly fell early on Tuesday.
According to Reuters, the rand was trading at 18.2800 against the dollar at 07:05 GMT, down 0.11% from its previous close.
According to a report from ETM Analytics, the reorganization “offers no novel plan to deal with any of the challenges South Africa is now facing.” They predicted that markets would not react favourably to the change.
Ramaphosa announced his selection of Kgosientsho Ramokgopa for the newly established position of energy minister in a televised address to the country. He also named Paul Mashatile, the ANC’s No. 2 official, as deputy president.
The fourth-quarter gross domestic product data for South Africa, which are expected at 0930 GMT, will be the main topic of discussion later in the session.
Reuters polled analysts, who predicted a decline from the previous quarter’s numbers of 0.4% for the quarterly contraction and 2.2% for the annual expansion.
Early dealings saw a little deterioration in the benchmark 2030 government bond, with a yield increase of 1.5 basis points to 10.130%.
