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New round of speculation against rand threatens
SA Reserve Bank boss Tito Mboweni's attempt (yesterday in Pretoria) to kill off speculation over who will be at the helm of the bank after August next year (when his second 5-year term runs out), has failed dismally.
Instead, it has opened the door for a new wave of speculation - and the beginning of another round of downward pressure on the rand.
Remember, you heard it first on this blog!
Any government with a leadership just half in control, would have issued a "calming and clarifying statement" on the issue of central bank leadership (under the same circumstances).
But, the differences between the lefties and the middle-of-the-roadies are clearly too deep-seated, and the fight for power too intense, to make such a statement possible in SA today.
After Tito's press conference, it will now not take the markets long to latch on to the fact that the defences are down (in disarray). And that a "new era" of slacker monetary policy is staring us in the face.
Once this has dawned, the speculation against the rand will start in all seriousness. Not long now...
When it happens, don't blame Tito. Blame Mbeki and Zuma, who can't bury their differences for the sake of the country.
For the record: The rand stood at 11.28 to the Euro at the time I wrote this.
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