JOHANNESBURG May 30 (Reuters) – South Africa’s Reserve Bank
will not use reserves to try and manage the exchange rate as
this would not be good use of the money, Governor Gill Marcus
reiterated on Wednesday.
“If you take that path, you’ve got to have very deep
pockets. We don’t think it is good use of our money, it is very
expensive,” Marcus told a forum.
The rand lost as much as 2.5 percent against the
dollar on Thursday to a six-month low of 8.5250, hit by risk
aversion over the euro zone crisis.
(Reporting by Stella Mapenzauswa and Tshepo Tshabalala)
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