The ANC is holding a press briefing where President Jacob Zuma is expected to announce a major cabinet reshuffle.
Zuma met ministers at his official residence Mahlambandlovu in Pretoria after earlier summonsing the top five ANC leaders at short notice at 6.30pm.
By 9.30pm he had delivered the news: A cabinet bloodbath was about to unfold.
As news of the reshuffle broke, the rand lost ground and by 10:30pm was trading at R13.25 to the dollar.
The reshuffle comes three days after Zuma told the ANC top five that he wanted to get rid of Gordhan and Jonas.