S.Africa govt says gradual reduction of NOFP best

SOUTH AFRICA - South Africa's Treasury said on Mar 28, 2001 it was committed to steadily reducing its uncovered forward foreign exchange exposure and would not borrow massively abroad to do so.

Lesetja Kganyago, Treasury deputy director-general, told parliament's finance committee the best policy would be to continue relying on capital inflows from foreign listings by local firms and privatisation proceeds.

The NOFP has fallen to $9.5 billion from more than $20 billion during the 1998 global

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