Pretoria – Despite recent improvements, the rand’s real effective exchange rate is still 9% below its average over the past 15 years.
This is according to the South African Reserve Bank’s (Sarb's) quarterly bulletin, which was released on Friday. Head of research Dr Johan van den Heever presented some of the observations in the third quarter, one of these being the rand’s gains.
“Towards last year, there were big declines. Confidence was really very fragile. But since then there has been recovery,” said Van den Heever.