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South Africa's central bank will intervene if fx orderly function threatened

Two weeks ago, the Reserve Bank resisted political pressure and kept benchmark rates unchanged at 6.5%.

The South African Reserve Bank. Picture: Supplied.

JOHANNESBURG - South Africa’s central bank will only intervene to protect the currency if “excess volatility or abrupt and disorderly adjustments” threaten the orderly functioning of the market, the deputy governor said on Tuesday.

“Policy flexibility requires that foreign exchange intervention continues to be part of the monetary policy toolkit to support economic and financial stability,” Deputy Governor Daniel Mminele said in a speech delivered in New York that was posted on the bank’s website.

Two weeks ago, the Reserve Bank resisted political pressure and kept benchmark rates unchanged at 6.5%.