- Currency rises as Gordhan is reappointed as finance minister
- Zuma backtracks on decision to replace Nene with lawmaker
The South African rand strengthened in the first two years of Pravin Gordhan’s previous period as finance minister before the European debt crisis fanned an emerging-market selloff that weakened the currency. Those declines accelerated since he left the post in May 2014.
Gordhan was reappointed to the position on Monday after President Jacob Zuma reversed a Dec. 9 decision to put a little-known lawmaker, David van Rooyen, in the role, in place of Nhlanhla Nene. The currency jumped as much as 6.5 percent, retracing some of its 8 percent loss since Nene was fired. It rose 5.1 percent against the dollar to 15.0777 as of 10:18 a.m. in Johannesburg.
The following is a chart that shows the rand’s performance during Gordhan’s five-year tenure as South Africa’s finance minister.