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
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