Rand plummets after Nene dismissed
Following the removal of Nhlanhla Nene as Finance Minister yesterday, the rand plummeted against major international currencies.
By 21:20pm the Rand was trading at R16.34 to the Euro down 2.74% and R22.5 against the pound down 2.5%.
The Rand was down 1.39% against the greenback at R14.83/$.
President Jacob Zuma yesterday announced the removal of Finance Minister Nhlanhla Nene from the Finance portfolio in Cabinet.
Also read: Nene sacked as Finance Minister, replaced by David Van Rooyen
Zuma said Nene had been removed ahead of his “deployment to another strategic position”.
Zuma has appointed ANC member of parliament, David Van Rooyen, as the new Minister of Finance.
Van Rooyen served as the Whip of the Standing Committee on Finance and as Whip of the Economic Transformation Cluster.
"The new deployment of Mr Nene will be announced in due course," Zuma said.
(File photo)