Rand volatility a by-product of open economy: Sarb’s Mminele

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The volatility of the rand in the aftermath of the global financial crisis has been a side-effect of South Africa's open economy, and one that should not be addressed by setting a fixed exchange rate, Daniel Mminele, a deputy governor of the South African Reserve Bank (Sarb), said Wednesday.

Addressing a conference in Johannesburg, Mminele reiterated that the Sarb was aware and concerned about the impact of an overly strong rand. "While the Bank is cognisant that an over-valued exchange rate ove

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