SA Reserve Bank not worried about weak rand

[Bianke Neethling]

SA Reserve Bank not worried about weak rand

The South African Reserve Bank governor and deputy governor said they are not concerned about the country's weak exchange rate.

 

[ToxicBunny]

He said the SARB has the primary responsibility to protect the currency’s value – “not what it can buy in New York or Hong Kong or London or Frankfurt – what it buys at home”.

And where do we source a good number of the things for what we buy at home, you dumb fsck...

 

[Gaz{M}]

I think our new bank notes should have been manufactured by Baby Soft. At least they would be useful.

 

[Praemon]

I think the SARB is one of the few institutions that are actually decent (at least compared to the rest), but surely this is wrong:

“not what it can buy in New York or Hong Kong or London or Frankfurt – what it buys at home”.

We don't buy (enough) oil from SA. We don't buy solar panels or wind turbines or anything like that from SA. We import at lot, and having a weaker ZAR directly impacts pricing for things like food, and in turn inflation. Having a continually weakening ZAR is not good on any front, but this isn't something SARB can resolve anyways.

 

[Corelli]

We have turned from being an exporter to a Net Importer of about everything