RTTNews - The South African Reserve Bank might counter extreme exchange rate movements in the rand, the central bank Governor Tito Mboweni reportedly said in a conference over the weekend. However, the central bank would not set a target for the rand, the governor said.

Talks of intervention signals a shift in the central bank's earlier stance that it would not interfere in the foreign exchange market to influence the rand's value, according to the BusinessDay newspaper.

Confirming the change in his thinking, Mboweni said, Leaning against the wind is actually not a bad policy approach, Bloomberg reported.

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