South Africa's President Zuma Sacks Finance Minister

South Africa's President Jacob Zuma sacked finance minister Pravin Gordhan in a cabinet reshuffle after days of speculation that has rocked the country's markets and currency, replacing him with home affairs head Malusi Gigaba.

A statement from the president's office just after midnight on Thursday said Zuma had also appointed Sfiso Buthelezi as Deputy Finance Minister replacing Mcebisi Jonas. A steep decline in the rand underlined Gordhan's reputation among investors as a guardian of policymaking stability in South Africa.

Gigaba has been Home Affairs Minister, while Buthelezi did not hold a position in the cabinet and was a backbencher in parliament. Zuma also made several other changes in his cabinet, affecting ministries such as energy, police, tourism and others. He brought in new faces and moved some ministers to new portfolios.