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Rand Sinks After Zuma Considers Firing Finance Chief

  • Rand plummets for second day after investor roadshow halted
  • Gordhan has championed efforts to avoid junk credit rating
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Zuma Said to Tell Communist Officials He's Firing Gordhan

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South African President Jacob Zuma told senior leaders of the South African Communist Party that he plans to fire Finance Minister Pravin Gordhan, according to three people with knowledge of the matter. The rand plummeted.

Zuma told officials from the party, which is allied to his ruling African National Congress, during a meeting on Monday in Johannesburg, according to the people, who were present and asked not to be identified because a public statement has not been made. He didn’t say when he planned to fire Gordhan.