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Cape Town - Minister of Finance Pravin Gordhan will shortly announce government's plan to stabilise the rand's exchange rate.
Collins Chabane, the minister in the presidency responsible for monitoring and evaluation, at a media session on Friday announced that decisions had been taken in this regard. But he declined to say whether this implied a freezing of the rand.
In October markets reacted sharply to an announcement that government was considering altering macroeconomic policy by, among other things, freezing the value of the rand. At the time government spokesperson Themba Maseko said that that was not on the cabinet's agenda.
Last year leaders in government's economic circles, such as Ebrahim Patel, Minister of Economic Development, and Dr Rob Davies, Minister of Trade and Industry, began to look at how other countries approached their exchange rates.
Methods included direct intervention by fixing the exchange rate or buying more foreign reserves, levying a tax on capital flows or slowing down capital inflows and outflows.
It is important to stabilise the rand without harming importers or exporters, or negatively impacting investments, said Chabane.
- Sake24.com
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