The rand extended its losses against hard currencies on Wednesday afternoon after the ANC national policy conference confirmed it wanted the Reserve Bank to be state owned. The ANC resolved to nationalise the Bank, though the party said it would guarantee continued independence. At 3.31pm, the rand was at R13.4155 to the dollar from R13.1889, at R15.1879 to the euro from R14.9653, and at R17.3146 to the pound from R17.0409. The euro was at $1.132 from $1.1346. The government gained nothing in terms of concrete ability to direct the Reserve Bank through simple ownership and the bigger issue remained that of the Bank’s mandate, said Nomura emerging market economist Peter Attard Montalto. But it was a "clear and worrying statement of intent", which raised questions for markets and ratings agencies, said Attard Montalto. The rand was on a weaker footing on Wednesday morning. Global sentiment turned negative after North Korea launched an intercontinental ballistic missile on Tuesday. Mar...
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