(Bloomberg) -- South African central bank Governor Tito Mboweni suggested the rand is overvalued and said that it may pose a ``bit of a problem'' for the country's burgeoning current account deficit.
``If the current account goes into a huge deficit, and one continually notices that the trade balance is out of kilter, then it says something about the exchange rate being out of balance,'' Mboweni said in an address to businessmen in Johannesburg today. ``Maybe it's a bit out of kilter, maybe there needs to be some rebalancing.''
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