Nhlanhla Nene relieved of his duties, Tito Mboweni appointed new Finance Minister

Nhlanhla Nene claims he was initially fired in 2015 for refusing to compromise his position

Ramaphosa said Nene wrote to him on Tuesday requesting to step down‚ and he had chose to accede to the request.

South Africa's finance minister is traveling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him.

Nene admitted to meeting the controversial Gupta family at their Saxonwold residence at the state capture commission of inquiry last week.

Nhlanhla Nene resigned over discrepancies in his accounts of meetings with a business family at the heart of a corruption scandal, President Cyril Ramaphosa announced on Tuesday.

Both Zuma and the Guptas - who are at the heart of the inquiry into so-called "state capture" - have denied any wrongdoing. "It is a measure of his character and his commitment to the national interest that he has taken this decision to resign in the wake of errors of judgment, even though he has not been implicated in acts of wrongdoing".

Mboweni, the nation's fifth finance chief in less than three years, will have to oversee an economy that's fallen into recession and help Ramaphosa rebuild confidence battered by nearly nine years of mismanagement under former President Jacob Zuma.

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Backup quarterback Cole Kelley threw the second touchdown, faking the run before pulling up and firing a 3-yard pass to O'Grady. But Smith's teammate, Henry Ruggs III, was there to pick it up at the 12 and took it in for the touchdown.

Nine years after leaving his post as governor of South Africa's central bank, Tito Mboweni is has been appointed as the nation's finance minister and faces the unenviable task of reviving an economy that's mired in recession.

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.

"What does this mean" about Minister Nene.

Mboweni, who trained as an economist, served as head of the South African Reserve Bank for a decade until 2009 and for four years as labour minister in the former President Nelson Mandela's cabinet.

It had received a battering under Mr Zuma's presidency. The court further ordered her to pay 20% of the legal costs for the Black Sash and Freedom under law - the two non-governmental organisations that took her to court after Sassa said a year ago that it would be unble to pay social grants from April 2017.

"Mr Mboweni takes on this responsibility at a critical time for our economy, as we intensify co-operation among all social partners to increase investment, accelerate growth and create jobs on a substantial scale".

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