by Dramelin 8:30 PM 0 comments

JOHANNESBURG ? South Africa?s president has replaced his finance minister in an expected move that had spooked investors this week and sent the country?s currency tumbling.
Many South Africans had viewed Mr.
Gordhan as a responsible steward of an economy facing possible credit rating downgrades.
Mr.
Zuma has selected Malusi Gigaba, a former minister of home affairs, as Mr.
Gordhan?s replacement, a statement from the president?s office said.
The president?s recall of Mr.
Gordhan caused South Africa?s currency, the rand, to lose nearly 5 percent, another blow to the country?s economy, which has stalled amid high unemployment.
Pressure has been growing on Mr.
Zuma to step down after he recalled Mr.
Gordhan, who has a strong reputation as a bulwark against corruption, from a trade trip in London earlier this week.