Rand strengthens as Nhlanhla Nene flies to International Monetary Fund meeting

Rand strengthens as Nhlanhla Nene flies to International Monetary Fund meeting

"I have chose to accept his resignation", Ramaphosa told a televised press briefing in Cape Town.

He previously served as minister of finance from May 25, 2014, until his controversial removal by former President Jacob Zuma on December 9, 2015.

Jonas told a judicial panel last month that Ajay Gupta offered him the post of finance minister and a R600 million ($40.3 million) bribe in exchange for business concessions.

President Cyril Ramaphosa appointed former central bank Governor Tito Mboweni as his finance minister on Tuesday, replacing Nhlanhla Nene, who lied about his meetings with three businessmen accused of plundering state funds.

Ramaphosa said Mboweni, the former Governor of the Reserve Bank, brings in much-needed leadership.

Nene faced calls to resign after he admitted to visiting the Gupta brothers, friends of the former president Jacob Zuma who have been accused of high-level influence-peddling, and failing to disclose the meetings earlier.

Both Zuma and the Guptas - who are at the heart of the inquiry into so-called "state capture" - have denied any wrongdoing.

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"These ministers have demonstrated the same disregard of ethical conduct shown by Nene and like Nene they too have undermined parliament's accountability mechanisms", the EFF said in a statement. It is a measure of his character that he had taken this decision.

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

The ANC forced Zuma to quit as president in February, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.

"He said on the basis of that he is applying his mind to the issues that Minister Nene has raised with him".

Mr Nene met the Guptas at their businesses and home at least six times between 2009 and 2014.

But he had accepted the resignation because Mr Nene feared his testimony "detracted from the important task of serving the people of South Africa as we work to re-establish public trust in government", Mr Ramaphosa said.

Mboweni clearly loves the social media platform, giving people a glimpse into his life, political thoughts and sense of humour.

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