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REFORM COULD FURTHER STRENGTHEN THE RAND, SAYS LESETJA KGANYAGO


‘IF YOU RESTORE INVESTOR OR CONSUMER CONFIDENCE, IT’S FREE STIMULUS,’ THE
RESERVE BANK GOVERNOR SAYS

25 October 2024 - 08:09
by Karin Strohecker

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Reserve Bank governor Lesetja Kganyago Picture: FREDDY MAVUNDA/BUSINESS DAY

Washington — The rand has further room to strengthen if the government pushes
ahead with reforms and prudent policies, Reserve Bank governor Lesetja Kganyago
says.

The currency has been a top emerging market performer, strengthening about 2.5%
against the dollar since the start of 2024 while most of the rand’s peers have
suffered losses against the greenback.


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“There should be positive momentum and that positive momentum is not going to be
something just driven by the markets,” Kganyago said in an interview on Thursday
on the sidelines of the International Monetary Fund (IMF) and World Bank annual
meetings in Washington.

“It’s going to be whether government continues to act with resolve and stays the
path in terms of prudent policies and structural reforms,” he said, adding that
momentum for reform would not just bolster the currency but could also support
SA’s bonds and stocks.

A few months ago, the Treasury announced a number of reforms in the energy,
freight, water and telecommunications sectors, and has pledged to reduce
spending and raise revenue as well as take further steps to lower borrowing over
the medium-term period.

The rand has enjoyed broad gains since the ANC was forced to forge alliances
with other political parties after failing to win a parliamentary majority in
the May general election — its first such defeat since the 1994 election.

“If you restore investor or consumer confidence, it’s like a free stimulus for
you,” he said.

Asked about efforts by policymakers to lower the inflation target from the
current 3%-6% range, Kganyago said work was under way between the Treasury and
the central bank on arriving at the target, and he was hopeful the process would
be concluded in 2025.

“Where there is absolutely no disagreement on is that the target must be lower,
but how far lower?” he said, adding that the out-of-line target meant the
country was losing competitiveness.



Reuters


SA STILL AFRICA’S FINANCIAL MARKETS LEADER BUT FACES STIFF COMPETITION

Financial markets across the continent have made progress, with 23 countries
increasing their scores
Markets
1 day ago


MARKET WRAP: PGM MINERS DRIVE JSE GAINS

Northam Platinum’s share price increased the most since March 2020, gaining 16%
Markets
2 days ago
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MOST READ

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SA still Africa’s financial markets leader but ...
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Published by Arena Holdings and distributed with the Financial Mail on the last
Thursday of every month except December and January.

Subscribe now for an ad-free experience. Support independent journalism.
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MOST READ

1.
SA still Africa’s financial markets leader but ...
Markets
2.
Reform could further strengthen the rand, says ...
Markets
3.
MARKET WRAP: PGM miners drive JSE gains
Markets
4.
Gold enjoys boosted appeal on geopolitical risk
Markets
5.
Dollar and US bond yields drop amid election risks
Markets

Published by Arena Holdings and distributed with the Financial Mail on the last
Thursday of every month except December and January.





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