Shock announcement restoring Pravin Gordhan to post sends the rand surging after a selling frenzy in marketsPresident Jacob Zuma appointed Pravin Gordhan as finance minister on Sunday,in a dramatic U-turn that gave South Africa its third finance chief in a week after a selling frenzy in the markets.
The shock announcement restoring Gordhan to the post sent the rand surging nearly 5% on Sunday evening, but failed to quell a tide of criticism of the president. “This is reckless by President Zuma, or he is playing Russian roulette with the South African economy,” opposition Democratic Alliance leader Mmusi Maimane said.
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Source: theguardian.com