The president contacted affected cabinet ministers individually ahead of the formal announcement
Pravin Gordhan has dismissed reports that he resigned as finance minister during a meeting with president Jacob Zuma and other top six officials.
The finance minister tabled the national budget in Parliament on Wednesday.
The finance minister is in Parliament to deliver the national budget.
The finance minister has to weigh the impact of higher taxes and reduced spending on growth as he tries to keep SA’s investment-grade credit rating.
The decision to give Brian Molefe, a seat in the country’s parliament comes with the potential to cause great economic pain for South Africa.
The social development department’s ability to continue to make monthly welfare payments to about 17-million people is in jeopardy.
The Guptas seem to be in full fight back mode and threatened to institute legal proceedings against the finance minister.
The minister of finance is attempting to "damage the Gupta family’s hard-earned South African business", a PR company for the family said.
The rand advanced to its strongest in almost six weeks, leading global gains against the dollar.