The swift formation of a new coalition government in South Africa after May elections has bolstered investor confidence and fueled a rally in the nation’s currency and the stock market, Finance Minister Enoch Godongwana said.
“This meant that the rand and South African equities benefited from this political stability created in a very short time.” It entered into an alliance with nine other mostly business-friendly parties to retain power within a month, and they agreed that growing the economy would be the new administration’s top priority.
Officials attending the meeting of the NDB, which was established in 2015 by the BRICS group of developing market nations,
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