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
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
"We spend the first year of a child's life teaching it to walk and talk and the rest of its life to shut up and sit down. There's something wrong there." ~ Neil deGrasse Tyson