That said, let me be clear: no amount of central bank intervention, no matter how well intentioned, can prevent an exchangerate adjustment from aligning with fundamentals.
The best contribution that the Bank can make BIS central bankers’ speeches  5  to competitiveness is to ensure that inflation is contained to the extent possible during periods of rand weakness to ensure that the depreciation is real. It is then up to the relevant sectors to take advantage of the increase in competitiveness.