The rand was knocked today
The rand was knocked today after the ruling African National Congress proposed that the South African Reserve Bank should be wholly state-owned rather than an institution with private shareholders. The recommendation was approved in a plenary session at the party's policy conference but still needs to be ratified at the party's national electoral conference in December.
The move comes just two weeks after South Africa's Public Protector attempted to instigate a change in the bank mandate.
Busisiwe Mkhwebane instructed Parliament to amend the constitution to make the Reserve Bank focus on "socioeconomic well-being of the citizens" rather than inflation. Economist says removing private shareholders would have no immediate effect on policy though it could be seen as symbolic.
For more news, visit: http://www.sabc.co.za/news
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An increase in exports
An increase in exports increases the supply of dollars and the supply curve for dollars shifts rightwards. The rand appreciates and the dollar depreciates.