Wednesday, 24 September 2008

South African Rand Rises After Manuel Says Ready to Serve Again

By Lukanyo Mnyanda

Sept. 24 (Bloomberg) -- South Africa's rand rose for the first day in three after former Finance Minister Trevor Manuel said he was ready to go back to his job in a new government.

The currency had its biggest drop in a week yesterday after Manuel, along with Deputy President Phumzile Mlambo-Ngcuka and 10 other ministers quit the government following the ouster of President Thabo Mbeki over the weekend. The resignations fueled concern the country's new leaders will boost spending and allow record inflation to accelerate.

http://www.bloomberg.com/apps/news?pid=20601116&sid=ajVPNJuLMiOs&refer=africa

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