DURBAN – South African Finance Minister Nhlanhla Nene has reportedly President Cyril Ramaphosa to be released from his duties as finance minister.
The reaction on Twitter was mixed while the rand reacted badly and was close to hitting R15 against the US dollar in early trade, shortly after the news broke.
But what has been the reaction from the business community?
Here is a look at the reaction of the Durban business community to Nhlanhla Nene's request to be let go.
Kershen Pillay, chief executive of Masifunde Training Centre said: "The resignation of Finance Minister, Nhlanhla Nene, cannot be avoided. While we may sympathise with him for the position he finds himself in, we need to look at the broader picture ie what is the right thing for him to do in this situation."
He said if Nene continued his role in office the confidence that the public has in National Treasury will be impacted as well the public's perception of President Cyril Ramaphosa will be effected too because he "promised all South African’s to rid government and state-owned entities of corruption".
On his choice of a replacement, Pillay admitted that he was not a person to speculate but he would favour Barbra Creecy.
"I would most likely favour Barbra Creecy, simply because of her track record and the hope that her appointment may minimise any volatility so close to the Medium Term Budget Policy Statement."
Melanie Veness, chief executive of the Pietermaritzburg Chamber of Business said: "The nations’ trust is something that a Finance Minister must enjoy. Mr. Nene obviously feels that he no longer enjoys that trust. I’m not sure that that’s entirely fair. He’s served us well."
She said Nene in her mind was choosing South Africa over himself.
The Durban Chamber of Commerce and Industry chose not to comment.
"In the absence of an official announcement/confirmation the Durban Chamber of Commerce and Industry declines to comment on any speculation surrounding the Minister of Finance of South Africa, Nhlanhla Musa Nene," was the statement from the chamber.