Rand plummets after Zuma removes finance minister

President Jacob Zuma on Wednesday announced the removal of Finance Minister Nhlanhla Nene, which sent the rand plummeting against major currencies.

Zuma

President Jacob Zuma on Wednesday announced the removal of Finance Minister Nhlanhla Nene from the Finance portfolio in Cabinet.

“I have decided to remove Mr Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position,” said Zuma.

Zuma said Nene had done well since his appointment as Minister of Finance during a difficult economic climate.

Zuma has appointed ANC member of parliament David Van Rooyen as the new Minister of Finance.

The news sent the rand plummeting against major currencies, hitting R15.15 to the US dollar shortly after the announcement.

The rand was trading at R22.75 to the British pound, and at R16.54 against the Euro at 22:00 on 9 December.

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ZAR per 1 USD on 9 December 2015

Update: As of 07:30 on 10 December, the rand was trading at:

  • US dollar – R14.99
  • British pound – R22.77
  • Euro – R16.51