Zuma Begins Fightback as South Africa's Rand Gets Hammered

President Jacob Zuma is blaming everything from market overreaction to political intrigue in a public relations fightback against criticism that his leadership is undermining South Africa’s economy and denting the popularity of the ruling African National Congress.

In interviews this weekend, Zuma cited market “overreaction” when the rand weakened to a then record low and bond yields rose to a seven-year high last month after he fired Finance Minister Nhlanhla Nene and replaced him with little-known lawmaker David van Rooyen. The currency hasn’t recovered since he rescinded his decision and appointed Pravin Gordhan to the post. He also called criticism that his friendship with a wealthy Indian family which employs his son reeks of influence peddling “a political thing.”