SA in safe hands, says expert
A political analyst feels the decision to re-appoint Pravin Gordhan as the country's Finance Minister will see some stability return to the markets.
President Jacob Zuma last night announced he had deployed Gordhan to the post, making him the third Finance Minister in less than one week.
Gordhan takes over from David van Rooyen, whose experience and administration of the Merafong Municipality in Gauteng was widely criticised.
He replaced Nhlanhla Nene who was sacked last week, causing the rand to plummet against major currencies.
The markets have largely reacted positively to the news that Gordhan will return as Finance Minister.
The rand is trading at about R15 to R27 to the dollar after peaking at over R16 on Friday.
Analyst Imraan Buccus attributes this to the respect Gordhan commands.
"He certainly has a safe pair of hands. He's solid administrator and doesn't tolerate tardiness. Another thing that goes in his favour is the fact that he's not motivated by career progression.
"I think he's at a very senior position in his political career. We know full well that financial markets prefer certainty and continuity," he said.
(File photo: Gallo Images)