[miningmx.com] – SOUTH African mining companies preferred a stable exchange rate because a weaker rand encourages inflation, said Bloomberg News which cited Roger Baxter, a senior executive at the Chamber of Mines.
“Mining companies have never advocated weak currency to support industry,’ said Baxter. “If you have weak currency, you end up with a whole bunch of imported inflation. What we would like to see is a more stable currency.’
Baxter’s comments come amid a slump in the rand. It fell for the eleventh successive day against the dollar today, the longest losing streak since 1988, according to Bloomberg News.
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