Indian-origin politician becomes South Africa’s Finance Minister

Amid a raging economic turmoil, an Indian-origin politician, Pravin Gordhan has been appointed as South Africa’s new Finance Minister. He becomes country’s third finance chief in a week.

Last Wednesday, President Jacob Zuma, had sacked incumbent Nhlanhla Nene from Finance Ministry that sparked a sell-off in bank stocks and sent yields in local and dollar-denominated debt soaring.

66-year-old Gordhan’s appointment has sent the Rand up almost 5 per cent last night. Gordhan was widely respected when he served as South Africa’s finance minister from 2009 until 2014.