Don't rely on rand depreciation: SA's Mboweni

Tito Mboweni, the governor of the South African Reserve Bank, has told exporters that they should not base their competitiveness on the rand's value.

Mboweni described the view that a weaker rand was in the long-term interest of exporters as "a fallacy".

"No industry can build a long-term business strategy on a one-way bet on the exchange rate of the currency, or on the basis of short-term nominal exchange rate movements," Mboweni said.

"The immediate benefits of a lower exchange rate for

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