Unemployment the biggest challenge for SA – minister

2011-03-28 09:34

Joblessness was the biggest challenge for South Africa and although the economy had recovered from a recession, employment was still below precrisis levels, Deputy Finance Minister Nhlanhla Nene said today.

Nene said although the government had made progress in addressing some of the challenges with poverty, “we are under no illusion about what more needs to be done”.

South Africa had spent R50 billion over the past year to try to stabilise the volatile rand, Nene said.

“It’s not just the strong currency that’s a problem but the volatility. In emerging markets, it’s one of the most traded currencies and it’s vulnerable.

Over the past 12 months we’ve spent in excess of R50 billion trying to stabilise the currency,” Nene said.

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