Rand’s value is spot-on: IMF

JOHANNESBURG – The International Monetary Fund (IMF) said yesterday that the value of South Africa’s rand was in line with economic fundamentals and that the government’s target of six per cent growth was bold but doable.

“On the basis of a variety of objective criteria … the value of the rand is in line with economic fundamentals,” Michael Nowak, deputy director of the IMF’s Africa department, told a media briefing, pointing to strong gold and platinum prices among other factors.The rand yesterday was trading several cents weaker at 6,63 to the US dollar, its lowest level in over two months, as other major currencies fell to the greenback.But its losses of close to 15 per cent against the dollar in the year to date have put only a small dent into three consecutive years of huge gains.Vivek Arora, IMF’s resident representative in South Africa, said the global lender viewed the government’s aim of boosting economic growth to six per cent per year by 2010 as “bold and ambitious …and achievable over the time horizon specified.”-Nampa-Reutersthe value of the rand is in line with economic fundamentals,” Michael Nowak, deputy director of the IMF’s Africa department, told a media briefing, pointing to strong gold and platinum prices among other factors.The rand yesterday was trading several cents weaker at 6,63 to the US dollar, its lowest level in over two months, as other major currencies fell to the greenback.But its losses of close to 15 per cent against the dollar in the year to date have put only a small dent into three consecutive years of huge gains.Vivek Arora, IMF’s resident representative in South Africa, said the global lender viewed the government’s aim of boosting economic growth to six per cent per year by 2010 as “bold and ambitious …and achievable over the time horizon specified.”-Nampa-Reuters