“Down with the rand”, says Num

Close to 2000 National Union of Mineworkers (Num) members marched to the Governor of the Reserve Bank, Tito Mboweni, to demand that the rand be pegged between R7.50 and R9 to the dollar.

They claim that a strong rand has resulted in more than 10 000 workers losing their jobs over the last year.

In the memorandum to the Governor, Num suggests a combination of “monetary tools to stabilise the economy” and reduce the value of the rand.

This could include reducing interest rates to cut back on speculators moving their money in and out of the country.

It also recommends that the SA Reserve Bank step up its purchase of dollars to increase its foreign reserves and come out publicly on the problems of both a very strong and very weak rand.

The Union believes that such measures will “create space for the government to intervene where companies are alarmist, reckless and ad hoc in managing the mining companies and our national resources.”

Welcoming the marchers who came “in daylight” rather than others who come in pinstripe suits, he promised to get back to the Union by August 25.