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How Tito Mboweni will impact your retirement fund, tax-free savings account, etc

Finance Minister Tito Mboweni. Picture: Cindy Archillies/EWN

[Watch Cassper Nyovest's 'Tito Mboweni'. Why? He's our new, new Finance Minister!]

Mr Mboweni is a man of gravitas.

Victoria Reuvers, Morningstar Investment Management SA

How will Tito Mboweni’s appointment as Finance Minister in place of Nhlanhla Nene impact investors?

The Money Show’s Bruce Whitfield interviewed Victoria Reuvers, Director and Senior Portfolio Manager at Morningstar Investment Management SA.

Here’s what she thinks about Mboweni’s appointment:

  • It’s a well-considered and good appointment. Minister Mboweni is well known and respected by domestic and international investors.

  • He has private sector experience and understands the challenges it faces.

  • His appointment is very positive for the South African market, boosting confidence locally and abroad. It illustrates President Cyril Ramaphosa’s willingness to take a hard stance on even the appearance of involvement with corruption.

The outlook for the South African investor:

  • The market cheered the change; reflected in rand strength seen post the announcement.

  • Moody’s is likely to keep South Africa’s investment grade but may downgrade its outlook from “positive” to “stable”.

  • The upcoming Mid-term budget speech – “no comment” is her somewhat frightening remark.

For more detail listen to the interview in the audio below (and/or scroll down for quotes from it).

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This article first appeared on 702 : How Tito Mboweni will impact your retirement fund, tax-free savings account, etc


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