After South Africa’s President, Jacob Zuma reshuffled his cabinet, leading to the sack of his finance Minister, its currency, rand has dropped more than 5% overnight
Zuma fired his Finance Minister Pravin Gordhan, alongside eight other ministers.
Mr Gordhan was seen by many as a bulwark against corruption in an administration that is facing growing criticism.
The president 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