Mlambo- Ngcuka said the country’s recent growth, although welcome, had been "unbalanced" and based on strong commodity prices, strong capital inflows and strong domestic consumer demand that had increased imports and "strengthened the currency way beyond desirable levels".

Despite this growth, levels of unemployment were still too high, and growth had not been adequately shared, she said.

Meanwhile, Trade and Industry Minister Mandisi Mpahlwa explained that part of the Accelerated and Shared Growth Initiative of SA (Asgisa) involved examining currency issues and "whether the rand is enabling us to achieve some of the goals we have on the economy".

This included fundamentally moving the economy and expanding its base so that it was not unduly influenced by such things as the fortunes of commodity prices.

"So examining the currency is assisting us in our goals," he said.

"One of the worrying trends has been the high level of consumption, as lots of demand is being met by rising imports-our balance of payments situation is changing from what it has been in recent years.

"So while it (the currency) is not an easy issue to deal with, we will remain seized with it - it is not an area with easy answers but we will try to find ways best to manage it." - with Reuters