Inquiry says fx controls contributed to rand fall

SOUTH AFRICA - A public inquiry into the sharp fall of the South African currency last year blames the country's slow pace of privatisation and the tightening of exchange controls.

The report said the central bank's decision to tighten foreign exchange controls in October had contributed to the rand's fall. The bank had threatened with the measures to reduce currency volatility and the financial markets viewed the move as undermining the government's insistence that it would gradually relax

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