The issue of currency management was on the minds of government officials and economists alike, said President Jacob Zuma in Pretoria on Thursday.

Briefing the media after a two-day Cabinet lekgotla meeting, the President said that government was discussing the current level of the rand, but added that no decisions had been taken.

Industry and unions alike had been calling for a devaluation of South Africa's rand to bolster export volumes and therefore also support the cause of job creation in the country.

However, Zuma noted that it was a complicated matter and that not even economists could agree on the issue. "Every one have their own opinion on this," he said.

He did, however, said that government would meet with business in the near future to further discuss the matter.

A survey released by the Organisation for Economic Cooperation and Development (OECD) earlier in the week showed that the rand was overvalued by around 15%-plus.

It was suggested that the strong rand, which rallied nearly 30% last year, was to blame for South Africa's low export levels.

South Africa has one of the highest unemployment rates in the world, having increased to above 25%, following the 2009 recession when nearly one-million jobs were shed.

Government now intends to steer the country on a new growth path of around 7% growth a year for the next 20 years, and the OECD made it known that key to boosting growth in the country would be higher export volumes.

"Greater policy effort to avoid currency overvaluation in South Africa is warranted," said the OECD.

Meanwhile, South Africa's Finance Minister Pravin Gordhan also noted that a more competitive and stable currency was required for future growth.