S. African president Zuma denies speculation on 3rd term bid

Jacob Zuma, President of the ruling African National Congress (ANC), on Monday denied speculation that he would seek a third term

"All I've said is that I can't go for a third term, the ANC decides on who must do what," Zuma told the South African Broadcasting Corporation (SABC).

Zuma, also president of South Africa, was reacting to speculation that some ANC provincial leaders were trying to persuade him to seek a third term.

Zuma said he had no ambition to seek a third term of office.

The ANC reportedly has worked out a secret plan to get Zuma a third term as the ruling party's president.

In 2007, when Zuma was ANC deputy president, he argued for no limits to be placed on the number of terms a party leader can serve.

Although South Africa's Constitution limits the president to a maximum of two terms, the ANC's constitution has no term limits for its president.

In his interview with the SABC, Zuma also defended his decision to fire Finance Minister Nhlanhla Nene, dismissing allegations that his decision was irrational.

Zuma fired Nene on December 9 and replaced him with Desmond van Rooyen, a largely unknown MP, a move that sent the local currency plummeting to record lows of 16 against the dollar.

Days later, Zuma rescinded his decision and appointed Pravin Gordhan, then Minister of Cooperative Governance and Traditional Affairs, as finance minister.

In his Monday remarks, Zuma said the reshuffle was not the main reason of the rand's depreciation.

"The rand started going down when Nene was there. There were reasons why Nene was moved. So it was important that decision was taken," said Zuma.

On Monday, the rand once again dropped to record lows against the U.S. dollar during what's been described as erratic trade on Asian markets, reaching R17.99 against the dollar.

The drop happened in markets with low liquidity and the currency has since recovered to around R16.73. Endit