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Stable rand vital for affordable imports, says Ramaphosa

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Cape Town - The South African government wants a more stabilised and stronger rand to make imports more affordable, Deputy President Cyril Ramaphosa said during his 3-day visit to Singapore.

"We import diesel, petrol, machinery and it costs the country quite a lot," Reuters reported Ramaphosa as saying.

On Thursday SA Reserve Bank governor Lesetja Kganyago said during an interview on Bloomberg TV that the rand is currently undervalued and fluctuations in the currency are partly driven by political turmoil.

Although the rand has gained 13% against the dollar since the beginning of the year, it lost 25% of its value in 2015. It was also the most volatile among 31 major and emerging-market currencies tracked by Bloomberg during the last six months.

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