None of the members of the Myburgh Commission of inquiry into the depreciation of the rand could offer conclusive reasons for the slide, Justice Minister Penuell Maduna said on Thursday.
”However, a set of complex factors is alluded to in these reports, signifying that we live in a highly globalised system of flexible exchange rates which respond to many factors,” he said, releasing the majority and minority reports to the National Press Club in Pretoria.
The former was compiled by commission chairman John Myburgh and member Mandla Gantsho, and the latter by commissioner Christine Qunta.
”The reports are thus indeterminate in their conclusions,” Manduna said.
None of the commissioners were able to find evidence supporting claims that senior officials of the SA Reserve Bank and the National Treasury colluded with any market participant to undermine the rand last year.
Government’s response to some of the recommendations would be released in due course.
”In the meantime the government and the SA Reserve Bank will continue to interact with the markets in the interests of the South African economy,” Maduna said. – Sapa