South African Rand Caught In Global FX Shift

Eko Hot Blog reports that South Africa’s central bank Governor Lesetja Kganyago stated on Thursday that the rand found itself entangled in a global currency realignment beyond the bank’s influence.

The South African Reserve Bank (SARB) governor Lesetja Kganyago

Kganyago, speaking in a webinar, expressed his primary concern about inflation and emphasized the bank’s monitoring of the exchange rate, particularly when it affects price pressures.

In August, South Africa’s consumer inflation inched up to 4.8% year-on-year, a slight increase from July’s 4.7%, but it remains well within the central bank’s target range of 3%-6%.

Kganyago reiterated on Thursday that risks to the inflation outlook included food prices, oil prices and exchange-rate moves.

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