South African central bank open to currency intervention
Rand hits lowest-ever level against dollar
South Africa's central bank has hinted it might intervene in foreign exchange markets to support the country's currency despite its long-standing policy of non-intervention, after the rand reached its lowest ever level against the US dollar on August 24.
In a press release, the South African Reserve Bank (Sarb) said it "may consider becoming involved in foreign exchange markets to ensure orderly market conditions", if there were "developments that threaten the orderly function of markets" or
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