SARB: possible shift in foreign currency policy

South Africa's reserve bank has intervened in the currency market, in what is being seen as a shift in the Bank's policy. The rand's recovery prompted the SARB to purchase dollars for reserves on a "moderate scale" governor Tito Mboweni said.

Source: Business Day

In what appears to be a shift in policy stance, the Reserve Bank has admitted to intervening in the foreign exchange market in recent months to wind down the net open foreign currency position.

The Bank's governor, Tito Mboweni, said last

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