JOHANNESBURG (Reuters) -South Africa’s central bank Governor Lesetja Kganyago said on Thursday that the rand was caught up in a realignment of global currencies that was outside of the bank’s control.
Kganyago told a webinar that his main worry was inflation and the bank was concerned about the exchange rate to the extent that it feeds through into price pressures.
South Africa’s consumer inflation edged up to 4.8% year-on-year in August from 4.7% in July, but it still remains comfortably within the central bank’s target range of between 3%-6%.
Kganyago reiterated on Thursday that risks to the inflation outlook included food prices, oil prices and exchange-rate moves.
(Reporting by Kopano GumbiWriting by Tannur AndersEditing by Alexander Winning)
