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SA rand falls as Zuma sacks finance minister

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South Africa’s rand plunged more than 5% overnight after President Jacob Zuma sacked Finance Minister Pravin Gordhan.

Nine other ministers were sacked as the president overhauled his cabinet.

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

President Jacob Zuma 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

Sfiso Buthelezi will become Deputy Finance Minister, replacing Mcebisi Jonas.

President Zuma also made a number of other changes in the cabinet.

“I have directed the new ministers and deputy ministers to work tirelessly with their colleagues… to ensure that the promise of a better life for the poor and the working class becomes a reality,” President Zuma’s statement said.

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