DHAKA: South African President Jacob Zuma has replaced newly appointed Finance Minister David van Rooyen with the more experienced Pravin Gordhan in a surprise Sunday night announcement.

On Wednesday, the president sacked Nhlanhla Nene in a move that sent the rand to record lows and sparked a sell-off in bank shares, reports the BBC.

His replacement for less than a week, van Rooyen, is a little-known MP.

The latest move sent the rand up almost 5% on Sunday night.

Gordhan was widely respected when he served as South Africa's finance minister from 2009 until 2014.

BDST:  1201 HRS, DEC 14, 2015
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