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Posts Tagged ‘rand’
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August 17, 2018

THE RAND IN RECOVERY MODE!

The lira, the world’s worst performer this year, and South Africa’s rand led the advance as some investors say Turkey’s problems are unique and others look for buying opportunities across emerging markets, writes Bloomberg.

The rand was nearly 2.5% stronger in morning trade against the dollar on Tuesday, after sliding as much as 9.4% on Monday – the most since October 2008.

Bloomberg reported some analysts saying that there are few fundamental reasons for assets across emerging markets to fall because of the lira. Turkey’s problems stem from president Recep Tayyip Erdogan’s standoff with the US administration.

With average inflation rates at record lows and [...]

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March 16, 2018

ENERGY DEPT NEEDS R1 TRILLION FOR NUCLEAR PLANS

Finance Minister Nhlanhla Nene confirmed that nuclear plans will remain on the table but will only be implemented at a pace the country can afford.

Finance Minister Nhlanhla Nene says the Energy Department will need a budget of R1 trillion for its nuclear plans.

Nene confirmed that nuclear plans will remain on the table but will only be implemented at a pace the country can afford.

The Finance Minister gave his first public address in Tshwane on Monday at a Fedusa conference.

“Which means we must not move away from the existing plans and we’re sitting with the IPPs as we speak on renewable energy, some of them that are due to be signed quite soon, some of [...]

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March 16, 2018

SA to raise GDP growth forecasts in October – Nene

National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence, said Finance Minister Nhlanhla Nene.

Newly appointed President Cyril Ramaphosa reappointed Nene to the role last month. When former leader Jacob Zuma fired him and replaced him with a Des van Rooyen in 2015, the move triggered a sell-off in the rand and bonds.

Policy uncertainty and state graft concerns saw Fitch Ratings and S&P Global Ratings lower their assessments of the nation’s debt to junk. The economy slumped into a recession in 2017 and has mounted a fragile [...]

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March 2, 2018

Rand at strongest level in three years

“The rally in the local currency ‘continues unabated it seems and a slight dollar recovery last week has done nothing to dent this’”

The rand continued its winning ways on Monday morning, touching levels not seen since early 2015.

Positive sentiment towards SA was the recurring theme.

Foreigners were net buyers of local bonds to the tune of R12.3bn over the past week, helping the momentum in the rand, which acts a buffer against inflation.

Foreigners have also been aggressive net buyers of the local shares since December when Cyril Ramaphosa became the new of the new leader of the ANC.

With inflation now close to the mid-point of the [...]

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