South Africa currency, Rand, falls after President Zuma sacks Finance Minister

After South Africa’s President, Jacob Zuma reshuffled his cabinet, leading to the sack of his finance Minister, its currency, rand has dropped more than 5% overnight

Zuma fired his Finance Minister Pravin Gordhan, alongside eight other ministers.

Mr Gordhan was seen by many as a bulwark against corruption in an administration that is facing growing criticism.

The president said in a statement that his midnight cabinet reshuffle was about a “radical socio-economic transformation”.

Malusi Gigaba, previously the Minister of Home Affairs, has replaced Mr Gordhan