Mboweni prefers 'competitively' priced ex rate

Addressing the annual dinner in honour of the ambassadors and high commissioners to South Africa, Tito Mboweni said: "We neither prefer a weak rand nor an overvalued exchange rate. We prefer a competitively priced exchange rate."

The central bank does not target any level of the exchange rate but takes the rate as given by the forex market, Mboweni said.

He told his audience the current level of the dollar is occasioned in the main by the large American current account deficit on their balance

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