Nov. 10 (Bloomberg) -- South Africa’s government will hold talks with business and labor unions about the value of the rand, Economic Development Minister Ebrahim Patel said.

“There is a huge price to be paid for an exchange rate that prices South Africa out of international markets,” Patel told reporters today in Cape Town. The country needs to hold an “open discussion” on the exchange rate’s value, he said.

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

Last Updated: November 10, 2009 02:42 EST