C.Bank of South Africa: the rand caught in the global realignment of currencies

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South African Reserve Bank Biennial Conference in Cape Town

South African Reserve Bank (SARB) Governor Lesetja Kganyago attends the biennial SARB conference at the Cape Town International Convention Center in Cape Town, South Africa August 31, 2023. REUTERS/Esa Alexander/archive photo Acquire license rights

JOHANNESBURG, Oct 5 (Reuters) – South Africa’s central bank governor, Lesetja Kganyago, said on Thursday the rand was caught in a realignment of global currencies beyond the bank’s control.

Kganyago told a webinar that his main concern was inflation and the bank was concerned about the exchange rate as it reflected in price pressures.

The South African consumer inflation increased slightly at 4.8% year-on-year in August compared to 4.7% in July, but it still remains comfortably within the central bank’s target range of between 3% and 6%.

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

Reporting by Kopano Gumbi Writing by Tannur Anders Editing by Alexander Winning

Our standards: The Thomson Reuters Trust Principles.

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