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We Won't Fix, But Manage The Exchange Rate - Mthuli Ncube

5 years agoWed, 27 Feb 2019 08:24:34 GMT
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We Won't Fix, But Manage The Exchange Rate - Mthuli Ncube

The Minister for Finance and Economic Development, Mthuli Ncube said that the government will not ‘control’ the interbank market but will only intervene to deal with volatility.

Speaking to reporters after during Tuesday’s post-cabinet briefing, Ncube said:

The debut of the interbank market has been successful from where we sit. We are very pleased that this market has taken off.

We moved from a fixed exchange rate to a floating managed exchange rate. By managed, we don’t mean managing the average rate; we mean managing the volatility. It’s about volatility, it’s not about setting the rate at all. The rate is what it is in terms of market forces.

… Going forward, anything that we do in terms of coming into the market is to manage the volatility but not to intervene. Government is staying out of the market because we are too big. If we go in there we distort the market.

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