JOHANNESBURG – South Africa’s central bank governor said on Thursday that the Middle East conflict found South Africa’s economy on a sound footing, explaining why there had not been a sharper move in the rand currency in response to global financial market turmoil.
“You are supposed to fix your roof before the rains come,” Governor Lesetja Kganyago told investors at a conference in London, referring to efforts by policymakers in Africa’s biggest economy to build buffers against shocks like the U.S.-Israeli war with Iran.
Kganyago said South Africa’s economic growth was accelerating and it was good news last month’s budget showed debt was on course to peak this fiscal year before falling.
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