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President Ramaphosa confirms Tito Mboweni as new Finance Minister

The president has faced mounting calls to axe Nhlanhla Nene after he apologised on Friday for holding a series of meetings with the Guptas at their home and business.

President Cyril Ramaphosa congratulates new Finance Minister Tito Mboweni on 9 October 2018. Picture: @SAgovnews/Twitter

TUYNHUYS - Eyewitness News has confirmed that former Reserve Bank Governor Tito Mboweni will replace Nhlanhla Nene as Finance Minister.

The president says Nene submitted his resignation letter on Tuesday morning and after considering the facts, he's decided to accept it.

“Mr Nene this morning submitted a letter of resignation to me in which he requested that I should relieve him of his position of minister of finance of the Republic of South Africa.”

He then announced his replacement.

“And in the wake of Nene’s resignation, I have decided to appoint Mr Tito Mboweni as the Minister of Finance with immediate effect.”

Mboweni has just been sworn in at Tuynhuys.

“As former governor of the Reserve Bank of South Africa and before that as minister of labour, Mr Mboweni brings to this position vast experience in areas of finance, economic policies as well as in governance,” the president said.

Ramaphosa says this was in the interests of good governance.

“After due consideration of the circumstances surrounding this matter and in the interests of good governance, I have decided to accept his resignation.”

The president, however, stressed Nene had not been implicated in any act of wrongdoing.

Earlier on Tuesday it was reported that Ramaphosa was applying his mind to the implications of Nene's controversial testimony at the state capture commission of inquiry.

Ramaphosa has faced mounting calls to axe Nene after he apologised on Friday for holding a series of meetings with the Guptas at their home and business.

This was a direct contradiction with his earlier statement in which he had told eNCA that he only bumped into members of the controversial family at public gatherings.

The Presidency says Nene made a phone call to Ramaphosa on Sunday and followed with official correspondence.

WATCH: Nene out, Mboweni in

RAND SURGES FOLLOWING MBOWENI'S APPOINTMENT AS FINANCE MINISTER

The rand has been on a seesaw over the past 24 hours hitting above R15 to the US dollar.

At the time of publishing this article, the rand was at R14.75 to the greenback.

The rand has been under pressure for the past few weeks with ratings agencies Moody's and Fitch citing continued political uncertainty.

Rising US interest rates have also had a profound effect on the rand which has plunged to levels last seen in 2016.

The local currency has also been volatile this week with economists concerned about the medium-term budget speech later this month.

All eyes will be on Mboweni with rating agencies calling for more stability and transparency at the highest level.

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