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Monday 19 March 2018

South Africa's currency, the rand, weakens after finance minister is fired

The South African rand has dropped to an all-time low. (AP)
The South African rand has dropped to an all-time low. (AP)

South Africa's currency has dipped to an unprecedented low against the US dollar after the country's finance minister was fired.

The rand was hovering at around 15 to the dollar on Thursday.

South Africa's President Jacob Zuma announced late on Wednesday that Nhlanhla Nene has been removed as finance minister, giving no explanation.

Mr Nene has been replaced by David van Rooyen, a former mayor and member of parliament who has served on financial committees.

The main opposition, the Democratic Alliance, called the decision "reckless and irrational".

The Banking Association of South Africa said Mr Nene's removal is "very concerning".

International ratings agencies last week downgraded the country's credit rating to a "one notch above junk rating".

Press Association

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