South Africa’s President Jacob Zuma said on Tuesday the country’s fiscal policy would remain unchanged after his cabinet reshuffle and that his ministers would reach out to international investors to assure them of this after S&P downgraded the country’s credit level to “junk”.

Zuma dismissed the respected Pravin Gordhan as finance minister in a midnight cabinet reshuffle on Thursday that shocked local markets and triggered protests from within his own party, business and opposition parties.

 

The rand pared some its losses after Zuma’s remarks in a speech at a function held at state-owned Transnet.

 

By Reuters