South African President Jacob Zuma fired his new finance minister Sunday just four days after the appointment sparked a market backlash, the presidency said.

Zuma has now named Pravin Gordhan, who held the post for five years until 2014, to replace little known ruling party legislator David van Rooyen who was sworn in last week after respected finance minister Nhlanhla Nene was fired.

"I have received many representations to reconsider my decision. As a democratic government, we emphasise the importance of listening to the people and to respond to their views,” Zuma said.