"The rand remains an effective shock absorber against global volatility," the finance minister said.
"Recent movements of the currency have been supportive of export growth while reducing the country's reliance on capital flows," he said.
The sentiment was echoed by
She added: "The depreciating currency actually acts as a stimulus, if you look at the actual revenue numbers… it also enhances our competitiveness.
"The other element of it is that your imports become more expensive, as we have seen. It is an opportunity again for South African business to look at what its production is like. Is there a possibility of import substitution that takes place?"
The central bank governor said this did not mean that authorities were encouraging currency depreciation, but it was "a fact" that flowed from the post-crisis normalisation of developed economies, in particular the US.
Tapering by the US Federal Reserve began last month and has seen the rand weaken by about 8 percent. - Sapa
Most Popular Stories
- Major Phone Makers Sign Anti-Phone-Theft Pledge
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- College Board Offers a Sneak Peak at New SAT
- Yellen Remarks, Market Data Give Stocks a Boost
- Yahoo Struggles Despite Alibaba Boost
- Chevrolet's Small SUV Coming to the U.S.
- Is This Job Too Good to Be True?
- Neil Young Closes Kickstarter Campaign for PonoMusic
- Castro Named as a Caress Fabulista
- Rapper Cuts Off Own Penis, Jumps Off Building in Failed Suicide