SA's Mboweni on monetary policy and bond markets

In the speech 'Monetary policy and South African bond market developments' given on 5 October Tito Mboweni of the South African Reserve Bank said South Africa's rand is adjusting to the current account deficit but has fallen to levels that may add to inflation.

"The recent exchange rate reaction to the higher (current account) deficit .... is part of the adjustment process," Mboweni said in the speech.

"Nevertheless that adjustment in the exchange rate has reached levels which may pose a further

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