South Africa’s Deputy President Cyril Ramaphosa has described the sacking of Finance Minister Pravin Gordhan as “totally unacceptable”.
His late night dismissal on Thursday led to a 5% plunge in the value of the currency, the rand.
Mr Gordhan was seen as a bulwark against corruption in an administration that is facing growing criticism.
He was one of several victims as President Jacob Zuma conducted a major overhaul of his cabinet.
Mr Zuma said the midnight reshuffle was about a “radical socio-economic transformation”.
Mr Ramaphosa told state broadcaster SABC that he would not resign in response to the sacking but continue to “serve the people”.
Pravin Gordhan was seen by many as a safe pair of hands when it came to managing the economy.
He was keen to keep a tight rein on spending and resisted calls from the president to increase government expenditure.
This was Mr Gordhan’s second stint as finance minister after first serving from 2009 to 2014.
He was reappointed in 2015 to replace brought in little-known David van Rooyen, less than a week after he took over from Nhlanhla Nene.
It is unclear why Mr Gordhan was sacked but local media are pointing to an alleged intelligence report which accuses him of working with foreigners to undermine Mr Zuma’s administration.
In a spirited farewell press conference at the treasury’s office in Pretoria, Mr Gordhan defended his economic record, and dismissed speculation that he had recently held meetings in London aimed at undermining the president.
The two men did not see eye to eye on government spending, the BBC’s Milton Nkosi reports, and that led to a rift between them. Ultimately, though, this is being seen as a political issue with Mr Zuma rewarding loyalists.
Earlier this week, the president recalled his finance minister from planned events in the UK.
Last October, Mr Gordhan was charged with fraud, but the charges were later dropped.
He has described the allegations as politically motivated.
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