SA's Mboweni on forex market developments

In a speech on 'Developments in the foreign exchange markets during the last couple of years' given on 20 September, Tito Mboweni of the South African Reserve Bank said various factors are in one way or the other responsible for the Rand's general appreciation so far this year. The US dollar has depreciated against major currencies, benefiting the currencies of many emerging-market countries.

"Secondly, high commodity prices in international markets supported commodity-based currencies like the

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