While an adjustment of the currency to changing economic fundamentals represents one of the benefits of a flexible exchange rate, excessive currency volatility and vulnerability of  BIS central bankers’ speeches  1  investor sentiment, increasingly risk complicating the tasks of both monetary and fiscal policy. The most recent exchange rate movements, including today’s, are somewhat exaggerated.
The SARB continues to be committed to a flexible exchange rate and does not have an exchange rate target. This commitment should not be misread to suggest that any abrupt and disorderly movements in the exchange rate would not be of concern to us.