South Africa eyes competitive exchange rate

  1. Posted on Wednesday 13 October 2010 - 10:00
    AfricaNews editor
    AfricaNews business desk with additional files from Reuters
    South Africa Finance Minister Pravin Gordhan said the Africa economic powerhouse would like to achieve a competitive exchange rate over time. "The government's efforts ... can be broadly categorised as an emphasis on countercyclical policy," he told parliament in a Reuters report.
    400 000 white south africans in the streets
    He continued: “So that there is sufficient policy room in the event of a worsening of economic conditions to respond and enable the exchange rate to cushion the economy against financial volatility."

    South Africa's rand has gained over 28 percent against the dollar since the beginning of 2009 weighing on exports and economic growth in the second quarter.

Latest News

  1. Africa Day 2012 - a moment for reflection and…22/0525th May is Africa Day. For many years it has been a celebration of Afric…
  2. South Africa's African agenda21/05The Deputy President of the Republic of South Africa, Kgalema Mothlanthe …
  3. Women struggle to rinse hunger, poverty stains21/05Just looking at her one clearly appreciates that she is old and frail the…
  4. Climate Climate change affects migratory birds…21/05Changes in the climate globally have affected the movement of both migrat…
  5. Ghana: Foreign retailers cited for currency…18/05The Ghana Union of Traders Association (GUTA) is attributing the sharp de…
  6. Kenya: Community radio brings succour to…18/05Korogocho, a slum in northeastern Nairobi with 100,000 inhabitants, had m…
  7. Veld fires 'flame' Zimbabwe's…16/05Over the years, Zimbabwe has experienced the scourge of veld fires destro…
  8. Liberia commends ECOWAS for support14/05The induction training of pioneer Economic Community of West African Stat…
News archive