Zuma recalls Nene as finance minister

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:


Investing.comForex Charts powered by Investing.com

Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Meet the woman striking the gender balance in the energy sector

Meet the woman striking the gender balance in the energy sector

Noxolo Kahlana believes there are many opportunities for women in the energy sector and encourages women to jump on the bandwagon.

Should heads of state make public their health status?

Should heads of state make public their health status?

Following speculations on the health of Nigerian President Buhari, Gugs and Sizwe ask why head of states hide when they are sick.

A steep price tag may not always constitute a good bed

A steep price tag may not always constitute a good bed

702's Gugs and Sizwe chat to UCT sleep researcher about how much time and energy should go into choosing the right bed.

Suicide is prevalent among business owners - insurance advisor

Suicide is prevalent among business owners - insurance advisor

Karina Namhing, Director at Nam Inc analyses the reason insurance companies are reporting high suicide rates in 2016.

Nene 'stops Myeni in her tracks', rejects SAA's Airbus deal

Nene 'stops Myeni in her tracks', rejects SAA's Airbus deal

Finance minister Nhanhla Nene has issued a stern warning to the Board of South African Airways over the controversial Airbus deal.

What are the expectations of Nene ahead of the mid-term budget address?

What are the expectations of Nene ahead of the mid-term budget address?

Where you won't miss a thing.

Popular articles
 In the market for a 2nd hand car? Here are some tips to buy it on a budget!

In the market for a 2nd hand car? Here are some tips to buy it on a budget!

In the car feature, our very own car guy Tumelo Maketekete shares some tips and tricks to buying a car on a R100 000 budget.

Vigilante mob attacks alleged criminals in Daveyton

Vigilante mob attacks alleged criminals in Daveyton

Tensions are rife in the East Joburg township as the community attacked and killed criminals.

[Listen] Lottery responds to Tshepo's fraud claims

[Listen] Lottery responds to Tshepo's fraud claims

Philemon Letwaba says Tshepo's case relates to some of the issues that they are dealing with on a daily basis.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.