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May 27 2012 11:21
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May 27 2012 13:09
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Johannesburg - We are not in the business of strengthening or weakening the currency and are not currently traders
running a casino, said South African Reserve Bank Governor Tito Mboweni on Tuesday.
"We cream off any excess," he added.
Mboweni was speaking during the announcement of the appointment of Daniel Mminele as the deputy governor of the Reserve Bank.
Mboweni downplayed recent reported comments of the bank "leaning against the wind" and looking for a weaker rand. He indicated that this comment only related to a debate at a meeting on the weekend about different strategies.
"It is not the case we will influence the rand," he said.
In an answer to a question on the recent trade union march to the Bank, Mboweni said he had yesterday met with the secretary of the mineworkers' union, which is the largest in Cosatu. "We are not on a collision course with trade unions," he said.
- I-Net Bridge