In South Africa Deputy president says needs stronger rand to reduce import costs

We want a more stabilized, stronger rand…stronger than it has been in recent weeks to make imports more affordable

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President Zuma speaks during his question and answer session in Parliament in Cape Town play President Jacob Zuma speaks during his question and answer session in Parliament in Cape Town, South Africa, September 13, 2016. (REUTERS/Mike Hutchings /File Photo)
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South Africa's deputy president said on Friday that a stronger rand currency is needed to cut the nation's hefty import bill for fuel and machinery.

The rand is a very volatile currency. We want a more stabilized, stronger rand…stronger than it has been in recent weeks to make imports more affordable,” Cyril Ramaphosa told reporters at the end of a 3-day visit to Singapore.

We import diesel, petrol, machinery and it costs the country quite a lot,” he said.

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