Recent ZAR Activity
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by Reserve Bank of South Africa
I will be returning the ZAR to 0.015 over the course of the next few days.
Being in an official position, I wish to keep my personal money separate from this, but let it be known that I will use ALL my hundreds of gold of resources to return the ZAR to 0.015 if someone wishes to try to take on the RBSA.
The ZAR is NOT subject to manipulation by speculators trying to influence the ZAR in a harmful way. I would even go so far as to encourage traders to participate in making the ZAR more efficient by selling gold and selling ZAR, increasing competition. But, to think that we will stand idle as someone tries to pull the gold out of our economy is laughable.
I encourage anyone buying gold for ZAR to do it now, you will get the best rates you will see in a long time.
This devaluation will be done in steps, not on a pre-set schedule, but according to how the market looks at the time. If I can devalue without creating problems, I will continue to do so, down to 0.015.
After that point, the issue of devaluing further to 0.01 will be proposed, as this will help our fledgling economy.
For now though, let it be known that the only entity which controls the ZAR as speculators have tried to do is the RBSA. I will be directly involved in holding the markets at certain level since this incident has shown me that people cannot let well enough alone.
Thank you, apologies to anyone that this incident has caused troubles to.
-Enoch Root
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Thanks Enoch for the update and good luck! I hope this forces speculators out of the market.
Prepare for comments about Socialism and market manipulation from You-Know-Who
You-Know-Who can deal with it. If he wants to contribute instead of complain, I'll direct him to my budget thread which is currently populated with the sounds of crickets chirping, now that I have redirected the tax debate.
I dont think You-Know-Who understands budgets and revenue. I think he just likes complaining. If it were up to him, there'd be no taxes. But at least we'd have a "trade treaty" with "Isreal"
thanks
good luck
Fighting a Central Bank is not a wise idea. While although the balance sheet of the CB has a limit, it still has the backing of the Government to print new money at 0.005/Gold to break any cornering of the market.
Now if the ZAR falls below 0.005/Gold, then all control is lost by the Government if it doesn't have the Gold to run up the value. Since new money can be printed at 200 ZAR for 1 Gold, which equals 0.005/Gold.
I didn't know Harry Potter was playing!!!
Thank you, the RBSA needs to be involved. But why does the rate need to be lowered to 0.01? Just leave it at 0.016. I don't think it matters what the rate is as long as it is stable. Don't try to manipulate it just support it.
It affects our imports and exports. It's better for a growing economy like ours to have a lower rate. We will talk about it in the Congress boards or somewhere on the forums.
Thank you for the update, Enoch!
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