Where has the time gone
27 March 2017 10:42 (South Africa)

Gordhan suggests that rand is too strong

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

Finance minister Pravin Gordhan has added his voice to the rand-strength debate, saying on Thursday that the currency is too strong in relation to South Africa's economic fundamentals. The rand has strengthened more than 28% against the dollar since the beginning of 2009 and the exchange rate is currently less than R7 to the dollar. In September the International Monetary Fund said that the rand was overvalued by 5% to 15%. Gordhan's statement will gladden Cosatu, which has long called for the currency to be weakened. Read more: Fin24

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

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