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South Africa’s Kganyago Sees No Benefit in Rand Intervention

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The South African Reserve Bank has no intention to defend the currency given the muted impact of a falling rand on inflation and the benefits it provides to Africa’s second-largest economy, Governor Lesetja Kganyago said.

The currency’s decline is a result of the Chinese slowdown and expected monetary policy normalization in the U.S., Kganyago said Sept. 5 on the sidelines of a G-20 meeting of central bank governors and finance ministers in Turkey’s capital, Ankara.