“There was indeed what I term a catastrophic fall of the rand at the time… The impact would have been felt throughout,” he told the commission.
“The impact can even be felt now. I don’t think we were ever able to recover… One can see that after the impact in 2015, recovery only started being noticed in quarter two of 2016.”
Zuma fired Nene on December 9 2015, and replaced him with little-known ANC backbencher Van Rooyen. The rand crashed 2.5% on the pound and 1.39% on the dollar after Nene’s removal was announced.
Van Rooyen was finance minister for four days until Zuma reportedly caved in to pressure from some of his party members and returned Pravin Gordhan to the position.