Nhlanhla Nene removed as finance minister

ANC MP David Van Rooyen has been named as the new minister of finance.

Nhlanhla Nene. Picture: GCIS.

JOHANNESBURG - The Presidency has announced that Nhlanhla Nene has been 'removed' as the finance minister.

According to the statement, he will be deployed to 'another strategic position'.

"I have decided to remove Mr Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position," said President Jacob Zuma in the statement.

"Mr Nene has done well since his appointment as Minister of Finance during a difficult economic climate. Mr Nene enjoys a lot of respect in the sector locally and abroad, having also served as a Deputy Minister of Finance previously."

Member of Parliament David Van Rooyen will take over as minister of finance.

Van Rooyen serves as a whip of the standing committee on finance and as whip of the economic transformation cluster.

He is a former executive mayor of Merafong Municipality and a former North West provincial chairperson of the South African Local Government Association.

Zuma also wished the new finance minister all the best in this new appointment.

This firing comes less than a week after Nene issued a stern warning to the South African Airways board that should it go ahead with a deal with Airbus without his approval, it would amount to financial misconduct.

He also said that it could be grounds for sanctions against the airline's chairperson Dudu Miyeni and other directors.

Miyeni is also chair of the Jacob Zuma Foundation.

Nene's firing comes as the rand yesterday hit a new record low to the dollar as it continues to take a beating against major currencies.

Ratings agencies also dealt a major blow last week with Fitch revising its ratings to BBB- and Standard & Poor's revised its outlook from stable to negative.