Open attack on Treasury as Zuma loyalists take control – economist

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Incoming Finance Minister Malusi Gigaba. (Gallo Images)
Incoming Finance Minister Malusi Gigaba. (Gallo Images)

Cape Town – The appointment of two politicians, who are seen as close to President Jacob Zuma, is an open attack on Treasury, according to Nomura emerging market economist Peter Montalto.

Zuma fired Finance Minister Pravin Gordhan and Deputy Finance Minister Mcebisi Jonas at midnight on Thursday, replacing them respectively with Home Affairs Minister Malusi Gigaba and ANC MP Sfiso Buthelezi.

This was part of a broader cabinet reshuffle.

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