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Johannesburg - South Africa's Finance Minister Pravin Gordhan said on Wednesday while the government was concerned about the impact of the rand currency in the economy it would not intervene directly to weaken the unit.
"Let's agree the rand is too strong and that for many sectors of the South African economy this poses immense challenges," he said on SAFM radio.
"We are not going to go in the direction of some countries... taking, if you like, control of the situation. What we are going to do is to work with the Reserve Bank and make sure we grow our reserves." he said, adding the government did not have a rand level it was targeting.
The rand has firmed by about 25% to the dollar so far this year.
- Reuters