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World

South Africa's currency recovers at news of return of experienced finance minister

Associated Press
Published | Updated
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    FILE - In this Feb. 26, 2014 file photo, former South African Finance Minister Pravin Gordhan arrives for the yearly South African budget speech in Parliament in Cape Town, South Africa. Gordhan who previously served as the minister from 2009 to 2014, was reappointed finance minister by President Jacob Zuma Sunday, Dec. 13, 2015 after firing Nhlanhla Nene and then David van Rooyen who was sworn in last week, succeeding Nene. (AP Photo/Schalk van Zuydam, File) (The Associated Press)

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    Newly appointed minister of finance, Pravin Gordhan, speaks during a news conference in Pretoria, South Africa, Monday Dec. 14, 2015. South Africa’s currency recovered at the news that an experienced finance minister has been reinstated, after the president abruptly replaced two finance ministers in less than a week. On Monday, the Business Day newspaper said the announcement to reinstate Pravin Gordhan, who served as finance minister from 2009 to 2014, saw the rand improve by 5 percent on Sunday evening, gaining a further 4 percent on Monday morning. (AP Photo) (The Associated Press)

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    Newly appointed minister of finance, Pravin Gordhan, listens to a question during a news conference in Pretoria, South Africa, Monday Dec. 14, 2015. South Africa’s currency recovered at the news that an experienced finance minister has been reinstated, after the president abruptly replaced two finance ministers in less than a week. On Monday, the Business Day newspaper said the announcement to reinstate Pravin Gordhan, who served as finance minister from 2009 to 2014, saw the rand improve by 5 percent on Sunday evening, gaining a further 4 percent on Monday morning. (AP Photo) (The Associated Press)

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.

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