South Africa's rand leaps after President Zuma names Pravin Gordhan as finance minister, seeking to draw a line under days of market turmoil. Hayley Platt reports.
South Africa's press can hardly keep up. Pravin Gordhan is the country's third finance minister in a week. He returns after running South Africa's finances from 2009 until last year. Now he's trying to calm investors after his predecessor, David van Rooyen left office after less than a week - triggering a selling frenzy of the rand. Gordhan has pledged to keep Pretoria's rating from falling further after Fitch downgraded it one notch above 'junk' earlier this month. (SOUNDBITE) (English) SOUTH AFRICA'S NEW FINANCE MINISTER, PRAVIN GORDHAN, SAYING: "As President Zuma indicated when a decision triggers developments such as we saw last week, a democratic government has a duty to listen and respond appropriately." South African economist Azar Jammine said the markets are relieved to see some stability return. (SOUNDBITE) (English) ECONOMIC ANALYST, AZAR JAMMINE, SAYING: "Pravin Gordhan has established a reputation as being fairly sound minister of finance and as a result I think the market expressed a sigh of relief." But there are still huge structural problems in South Africa that need fixing says Matthew Beesley from Henderson Global Investors. (SOUNDBITE) (English) HENDERSON GLOBAL INVESTORS, HEAD OF GLOBAL EQUITIES, MATTHEW BEESLEY, SAYING: "For South Africa to be a recipient of substantial of FDI, Foreign Direct Investment, which is needed to drive the South African economy forward, investors will want to see stability and a monetary and fiscal regime." Social media has been buzzing with calls for Zuma to resign. But his latest appointment seems to be having the desired affect. By lunch time on Monday the rand had recovered by just over 5 percent against the dollar. Recouping some of the losses it suffered last week.