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South Africa's minister of economic development, Ebrahim Patel, said in an interview Monday that efforts by some nations to control their currencies is pushing others to do the same and his country is seeking to "influence" global talks on currencies via international forums.

Patel said that his own country's policy is to push for a "competitive" exchange rate, while implementing other broader measures to make its economy more efficient. His comments and those of other policymakers imply that South Africa will continue to build its reserves to prevent too much of an appreciation in its currency.

But unlike some emerging nations such as Brazil, South Africa isn't putting capital controls in place. It also faces competition from China, which tightly controls its own currency, the yuan. That gives South Africa more of an interest in ensuring that other emerging nations intervene less forcefully in their own currencies.

"We are talking in the G-20 and other forums [about currencies]," he said. "If some countries actively seek to secure competitive advantage through currency policies, then, long-term it compels all countries to do the same."

There is a need to promote a broad global consensus to manage the challenges of global disagreements on currencies, he said, adding that South Africa will seek to "influence" rather than "condemn."

Patel's comments highlight the increasingly vocal role that emerging nations are playing in managing currency pressures. The rand--one of the more heavily traded emerging-market currencies--has gained strength over the last six weeks or so. Some worry that a stronger rand puts pressure on the country's mining and manufacturing exports.

South Africa is trying to "ensure we have a competitive currency and the authorities will keep an eye on market developments regularly and make the necessary adjustments--either increase or decrease the rate of purchases depending on the impact it has," he said. He didn't specify where he expects the country's foreign exchange reserves to be.

But Patel also said that the foreign exchange rate is just one "element in the toolbox" to ensure its economy is competitive, noting that to solely rely on the exchange rate is not sustainable.

The recent strength of the rand is driven partly by investors looking at a "carry trade" and by a movement of short-term capital into bonds and stocks, he said. But the country also wants to drive long-term foreign direct investment, he said. "For us, the challenge is to improve the quality of the investment."

Patel, who is on a visit to the U.S., said the purpose of the trip is to encourage more long-term investment and to signal that the country is open to companies coming into South Africa and setting up operations in areas like manufacturing, mining and agriculture.

The South African Competition Tribunal recently decided to delay the hearing for retail giant Wal-Mart Stores Inc.'s (WMT) proposed $2.4 billion offer to buy a controlling stake in African retailer Massmart Holdings Ltd. (MSM.JO). Patel didn't comment directly on that process, but he said that some of the discussions with Wal-Mart will be the likely impact of its operations on employment.

South Africa's economy has been expanding, but the pace of growth has lagged that of emerging-market rivals such as India and China. South Africa is rich in minerals and metals, and stands to benefit from rising commodity costs. Last week, the central bank left its key interest rate unchanged at 5.5%, but inflationary pressures are rising in the country.

Patel acknowledged that his country faces internal cost pressures, but said it is trying to fight those pressures partly by making an effort to push back on monopolies.

-By Anjali Cordeiro and Erin McCarthy; Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com