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South Africa : Reserve Bank Gov. Mboweni to decide on Rand''s strength |
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2004-8-13
The interests of the country would be central to any decision on the strength of the country’s currency Rand, SA Reserve Bank governor Tito Mboweni said.
"We will take a decision quite clearly in the interests of what we think South Africa deserves," he told mine and textile workers protesting in Pretoria against job losses resulting from the currency''s strength.
The protesters demanded that the Rand be reduced to between R7,50 and R9 to the US dollar.
Addressing about 2,000 members of the National Union of Mineworkers (NUM) who marched to the bank in Pretoria, Mboweni said the issue raised was very serious and required a serious response.
Mboweni said he would respond to the demand within the stipulated 14 days following "discussions with colleagues".
The march was organised by NUM and supported by the SA Chamber of Mines, the SA Communist Party, SA Clothing and Textiles Workers Union (SACTWU), Solidarity and the Congress of SA Trade Unions (Cosatu). A memorandum was handed to Mboweni and it demanded a response within 14 days.
More than 10,000 jobs in the mining sector over the past 12 months, the textile industry on the other hand lost 20,000 jobs last year according to SACTWU vice president Violet Seboni.
The unions also criticised the government''s relationship with China, which has seen textile exports to South Africa rocket over the past 12 months.
The protesters lashed out at retail groups whom they claimed were profiteering from the strong rand.
"We are convinced that it requires the commitment from all of us to contribute towards achieving the set goals of halving unemployment and poverty by 2014," Zokwana said.
Despite an alarmed expression on his face at the request to reduce the rand to R7,50 or more to the US dollar, Mboweni reaffirmed the matter would be investigated.
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