JOHANNESBURG - South African President Cyril Ramaphosa said on Wednesday the rebound in the country’s currency, the rand, had both positive and negative effects but wasn’t quite complete.
“It is a double-edged sword,” Ramaphosa said in a interview with Bloomberg television. “It reflects the level of confidence that the world has in South Africa.But for exporters the stronger rand is not so positive.”
The rand has strengthened 21 percent against the dollar since November. Asked if that rise had brought the currency back to its natural level, Ramaphosa added it was “near the balance but not quite there.”
Ramaphosa also said plans to redistribute land would be done “within the parameters” of South Africa’s constitution.