Rand Plunges as Zuma Fires Finance Minister in Shock Move

  • Nene will be replaced by David Van Rooyen, a lawmaker
  • Cabinet shakeup may further erode confidence in economy

Rand Plunges After Zuma Fires Finance Minister

South African President Jacob Zuma fired Finance Minister Nhlanhla Nene in a shock move and replaced him with a little-known lawmaker, triggering the rand’s biggest decline in more than four years.

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