JOHANNESBURG – South Africa's third finance minister in less than a week reassured the country that the economy will be steadied and in response the currency strengthened.
On Monday, Pravin Gordhan, who served as finance minister from 2009 to 2014, returned to the job.
The announcement Sunday night that Gordhan will once again head the finance ministry saw South Africa's currency, the rand, improve to 15.26 rand to $1 Monday.
The rand dropped to a record low of 16 rand to $1 last week when President Jacob Zuma fired finance minister Nhlanhla Nene and replaced him with the relatively unknown and inexperienced David van Rooyen last Wednesday. Zuma's dismissal of Nene drew much criticism from opposition parties, the finance sector and citizens on social media.