Gov�t tweaks exchange rate to boost exports

Wednesday, January 11, 2017

In a bid to get more value from diamond exports as well as contain the country’s import bill, government has made adjustments to the crawling peg exchange rate regime by reducing the weight of the South African rand in the basket of currencies that determine the value of the pula.

After the local currency gained value against all major currencies in 2016, monetary authorities have also moved to reduce the rate at which the pula gains value in an effort to maintain export competitiveness.

Acting permanent secretary in the Ministry of Finance and Economic Development, Cornelius Dekop said effective from January 01, 2017, the weight of the rand in the pula basket of currencies has been reduced to 45% from 50%.

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