South Africa’s Currency Tumbles After Finance Minister Is Fired

South Africa’s Currency Tumbles After Finance Minister Is Fired
By SEWELL CHANMARCH 31, 2017
LONDON — The abrupt firing of South Africa’s finance minister sent the country’s currency tumbling on Friday, deepening a split within the governing African National Congress
and raising new doubts about the tenure of President Jacob Zuma, who has been in office since 2009.
"It is important that the public knows what we do at the Treasury, how we serve South Africa, how the budgeting process works and how we make sure
that the poor in South Africa benefit from the taxes that we collect from all South Africans, as well." The firing Thursday night capped a week of tensions that began on Monday when Mr. Zuma ordered Mr. Gordhan to return abruptly from a trade and investment roadshow in Britain.
The South African Communist Party, part of the A.N.C.-led coalition
that governs the country, said that Mr. Zuma had cited an intelligence report speculating that Mr. Gordhan might be plotting to undermine the president.
Trieu Pham, a credit analyst at MUFG Securities in London, said there were important differences between this week’s dismissal of Mr. Gordhan
and the firing of Mr. Nene in 2015: Mr. Gordhan’s departure, if not the timing, had been expected; his replacement, unlike Mr. Nene’s, is a cabinet minister, albeit one with limited experience in finance; and the rand and stock prices have risen in recent months, allowing some room for maneuver.
Gordhan said that We hope more and more South Africans will make it absolutely clear that our country is not for sale,