The Presidency has announced that Finance Minister Nhlanhla Nene has been ‘removed’ from his Cabinet post.
According to the statement, he will be deployed to "another strategic position".
702 and CapeTalk presenters Gugs Mhlungu and Sizwe Dhlomo spoke to an economist, Xhanti Payi, about the financial markets' reaction to the news.
Listen to the interview below:
If we wake up in the morning and traders don’t understand why this decision has been made, then the reaction will be negative.— Xhanti Payi, economist
Below is a chart that reflects the movement of the rand: