SA Reserve Bank hits back at its critics

SOUTH AFRICA - The Reserve Bank has mounted a counter attack against bankers who told the rand commission that the rand's crash last year was caused in part by the Bank's October circular enforcing exchange controls more strictly.

More than one bank last week told the commission that the October measures caused market liquidity to shrink drastically. The result was that existing negative sentiment had a sharper effect on the rand exchange rate than it might have otherwise.

Counsel for the Reser