Deputy president says needs stronger rand to reduce import costs

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.