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Finance minister announcement negative for SA

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Durban – President Jacob Zuma on Wednesday made a surprise announcement that Finance Minister Nhlanhla Nene would be removed from the Finance portfolio in Cabinet.

Nene, who was outspoken on the over expenditure of government and the troubled South African Airways is the shortest sitting finance minister in the history of the country.

The move has had an immediate negative effect on the economy, with the rand plummeting against major international currencies.

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ZAR/USD
17.63
(-0.14)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.78
(-0.04)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.02)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
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