There’s been another surprising announcement from the Presidency overnight as President Jacob Zuma says he has now decided to remove David van Rooyen from the position as finance minister and to reappoint Pravin Gordhan to take over the position once again.
Gordhan will come back in the position he had previously held for five years.
Van Rooyen is now going to take over the Cooperative Governance and Traditional Affairs Department.
The rand is already strengthening against other major currencies after the overnight news as Gordhan is generally respected by investors as someone who toed a prudent fiscal line.
Last week, the rand dropped significantly after Zuma said he was replacing Nhlanhla Nene at the National Treasury with van Rooyen.
In his statement, the president said he received many representations to reconsider his position to appoint van Rooyen as finance minister.
He then said that after serious consideration and reflection, he decided to