Nene axing slays rand

10 December 2015 - 02:57

By Jan-Jan Joubert, Reuters, Bloomberg and AFP

President Jacob Zuma has fired Finance Minister Nhlanhla Nene only 18 months into his job, triggering a slump in the rand to a record low. Nene will be replaced by ANC backbencher David ''Des'' van Rooyen, who is not held in the same esteem as his predecessor.A former mayor of Merafong in Carletonville on the West Rand, Van Rooyen is not known for being anything but subservient to the party's leadership.

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