Rand back under R13/$ after sharp drop on Busisiwe Mkhwebane’s Reserve Bank move
The Bank releases its quarterly bulletin today, with both the trade and current account surpluses expected to have widened in the first quarter
The rand was hovering under R13/$ on Tuesday morning after Monday’s 1.4% plunge. The rand was trading at R12.98/$, R14.48/€ and R16.54/£ at 7am. The rand shot to R13.06/$ from R12.79/$ at about 1.45pm on Monday after Public Protector Busisiwe Mkhwebane — who is widely seen as close to President Jacob Zuma — called for the independence of the Reserve Bank to be weakened. Mkhwebane said the Constitution should be changed to say: "The primary object of the Reserve Bank is to promote balanced and sustainable economic growth in the Republic, while ensuring that the socioeconomic wellbeing of the citizens are protected".
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