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Durban - Pegging the rand to the dollar would be "national suicide", Minister in the Presidency Trevor Manuel said at the ANC's national general council (NGC) in Durban on Friday.
"To ask that you peg against a volatile currency like the dollar is to commit national suicide," Manuel said at a briefing on the NGC's commission on the economy.
"To look for silver bullets in terms of exchange rate is not the answer.
"We are not a colony. We need very detailed and careful analysis."
In May Congress of SA Trade unions (Cosatu) secretary general Zwelinzima Vavi said a "progressive approach" was needed for the currency and called for the rand to be pegged at 10.50 to the dollar.
"Which dollar?" Manuel said in response to a question.
"Yesterday's? The day before yesterday's?"
Manuel said a debate at the NGC about the nationalisation of South Africa's mines had no impact on the value of the rand.
"The more you shout it and threaten to nationalise, the stronger it gets," he said.
"When all this happened currency strengthened to R6.98 to the dollar this past week."
Manuel said monetary policy was discussed by the commission but "tangentially only".
The debate, he said, was dominated by the nationalisation of mines.
He said the report on the economy, which was endorsed by the commission, calls for an urgent discussion on a new growth path.
That discussion would take place at a special Cabinet meeting soon.
"There must be a detailed analysis of where jobs will be created," he said.
Special attention also had to be to non economic issues, such as the further education and training sector and artisan training.
The report also finds that Black Economic Empowerment in its current form was a "profound concern", Manuel said.
The ANC's allies, SA Communist Party and Cosatu, have called for new model for BEE, saying it benefits a select few of politically connected individuals.
"To ask that you peg against a volatile currency like the dollar is to commit national suicide," Manuel said at a briefing on the NGC's commission on the economy.
"To look for silver bullets in terms of exchange rate is not the answer.
"We are not a colony. We need very detailed and careful analysis."
In May Congress of SA Trade unions (Cosatu) secretary general Zwelinzima Vavi said a "progressive approach" was needed for the currency and called for the rand to be pegged at 10.50 to the dollar.
"Which dollar?" Manuel said in response to a question.
"Yesterday's? The day before yesterday's?"
Manuel said a debate at the NGC about the nationalisation of South Africa's mines had no impact on the value of the rand.
"The more you shout it and threaten to nationalise, the stronger it gets," he said.
"When all this happened currency strengthened to R6.98 to the dollar this past week."
Manuel said monetary policy was discussed by the commission but "tangentially only".
The debate, he said, was dominated by the nationalisation of mines.
He said the report on the economy, which was endorsed by the commission, calls for an urgent discussion on a new growth path.
That discussion would take place at a special Cabinet meeting soon.
"There must be a detailed analysis of where jobs will be created," he said.
Special attention also had to be to non economic issues, such as the further education and training sector and artisan training.
The report also finds that Black Economic Empowerment in its current form was a "profound concern", Manuel said.
The ANC's allies, SA Communist Party and Cosatu, have called for new model for BEE, saying it benefits a select few of politically connected individuals.
