The Treasury has confirmed that Finance Minister Nhlanhla Nene will travel to Indonesia for a meeting of the International Monetary Fund (IMF) on Wednesday; making it clear that he will not be leaving his post at this point.
The Treasury’s statement is expected to soothe markets.
The rand fell by one percentage point Monday after reports that Nene had offered to resign.
There have been widespread calls for Nene to step down or for President Cyril Ramaphosa to sack him.
This after Nene admitted to having several meetings with the Gupta family during his earlier term as deputy finance minister and then minister.
Nene publicly apologized for not previously reported the visits to the Gupta brothers during his testimony at the State Capture Inquiry last week.
He is due to deliver the Mid-Term Budget Policy Statement later this month.