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Cape Town - South Africa's economic recovery remains fragile and prevailing growth rates are insufficient to have a marked impact on unemployment, Reserve Bank governor Gill Marcus said on Tuesday.
Marcus also told an investor lunch in Cape Town there was no doubt the rand currency, which has gained about 28% against the dollar since the beginning of 2009, was over-valued, adding however there were no guarantees intervention in the market would work.
She said the Reserve Bank is willing to do what it can in response to the rand’s strong gains, but there are limits to what it can do alone.
Marcus said that various forms of direct intervention alone would not suffice, and that the country needed to consider special support measures for affected industries.
"These are extraordinary times which call for extraordinary measures," Marcus said.
Marcus also told an investor lunch in Cape Town there was no doubt the rand currency, which has gained about 28% against the dollar since the beginning of 2009, was over-valued, adding however there were no guarantees intervention in the market would work.
She said the Reserve Bank is willing to do what it can in response to the rand’s strong gains, but there are limits to what it can do alone.
Marcus said that various forms of direct intervention alone would not suffice, and that the country needed to consider special support measures for affected industries.
"These are extraordinary times which call for extraordinary measures," Marcus said.
