Rand is No Longer ‘Weak and Volatile,’ S. Africa’s Kganyago Says

The rand deserves more respect for its recent stability and if it “gets uncomfortably strong, we would be happy to accumulate more reserves,” said South African Reserve Bank Governor Lesetja Kganyago.

The currency, which has been derided domestically for years for its depreciation against the dollar, is “settling down to a more mature stage of life,” he told a forum hosted by the Kgalema Motlanthe Foundation on Friday evening.