South African Reserve Bank Governor Gill Marcus said on Thursday it was not the bank’s desire to intervene in the currency market, and the bank was only active to build its reserves.
”There is no exchange rate that is a perfect rate, and it’s not the bank’s task or desire to intervene … in the markets to achieve a particular rate of exchange,” Marcus told Parliament’s standing committee on finance.
”If you want to intervene people will take you on, that is the lesson of the world and therefore we do not look at a particular rate, we do not intervene to achieve a particular rate. We look at the opportunities in the market … to build reserves,” she added. — Reuters