South Africa’s currency plummets

High-profile politics in South Africa has slammed the country's currency.

The rand plunged nearly 4 percent against the dollar after President Jacob Zuma ousted his finance minister, Pravin Gordhan.

Zuma announced in a statement late Thursday that he was replacing Gordhan and a slew of other top ministers.

Investors were already fretting about Gordhan's job security after Zuma on Monday ordered him to cancel a series of meetings with foreign investors and return home. That move also hit the rand, which is now down about 8 percent since the start of the week.

Gordhan has built a reputation as a steady hand who expertly guided South Africa's economy and promoted its business interests. He first served as finance minister between 2009 and 2014, and returned to the job in December 2015, much to the relief of international investors.

Zuma brought him back in after sacking two other finance ministers in December 2015, a period of turmoil that hammered South Africa's markets and currency.

-- Eleni Giokos and David McKenzie contributed to this report.

This BBSNews article was syndicated from News | WPLG, and written by News | WPLG. Read the original article here.