South Africa’s currency fell close to a record low against the dollar yesterday morning as the markets were digesting the news.
BBC Africa business said that Nhalnhla Nene’s attempt to rein in spending may have unsettled some people loyal to the president.
The sacking comes as South Africa’s economy is struggling to grow.
President Zuma said Mr. Nene was being moved to “another strategic position”, but did not elaborate on the reasons behind the decision.
He has replaced him with the relatively unknown David van Rooyen.
The rand fell to below 15 to the dollar yesterday morning and stock prices also fell in Johannesburg as trading began, Reuters said.
