Rand dives after Nene removal

Cape Town – Following the removal of Nhlanhla Nene as finance minister on Wednesday, the rand plummeted against major international currencies.

By 21:20 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 on Wednesday announced the removal of Finance Minister Nhlanhla Nene from the Finance portfolio in Cabinet.

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.

Source http://www.fin24.com/Economy/rand-dives-after-nene-removal-20151209