Business Unity South Africa's president, Sipho Pityana, has welcomed Mboweni's appointment, however, he says Nene still has to tell South Africans more details about his dealings with the controversial Gupta family and his stint at the PIC or Public Investment Corporation.
"I have made a decision to accept his resignation", Ramaphosa told a televised press briefing in Cape Town.
Opposition leaders, however, noted that Mr. Mboweni had been active on social media in the past and had once posted a tweet in which he called for state ownership of 40 per cent of all mining companies.
This followed Nene's testimony before the State Capture inquiry last week, in which Nene revealed he had met with the Guptas several times between 2009 and 2014. His biggest achievement at the time was building the nation's foreign-exchange reserves to nearly $40bn from less than $10bn.
With only two weeks before new Finance Minister Tito Mboweni delivers his first midterm budget, the business sector is waiting to see how he will transform the economy.
The ANC forced Zuma to quit as president in February after nearly nine years in office, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.More news: Tanushree Dutta Now Goes to Women Commission Against Nana Patekar & Others
The request came after some political parties rejected his apology for the previously undisclosed meetings with the family when he served as deputy minister and minister of finance, respectively.
Meanwhile, there have been reports that Nene approached Ramaphosa at the weekend asking to be relieved of his duties.
Nene's departure from the finance portfolio comes as Treasury officials prepare to attend the International Monetary Fund's (IMF's) annual meeting in Bali and credit ratings agency Moody's is expected to do its next review of the country on Friday.
"Look, I bumped into them in public gatherings once or twice, but I never had an engagement and I've never been asked by them to do anything for them", Nene said during the interview (at the 7:47 mark in the below video).
The currency opened Wednesday trading at R14.53/$ following a tough start to the week.
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