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Leftists rattle rand with plan to nationalise South Africa's SARB

By: Reuters     17th August 2018 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution's independence. The rand fell more than 1 percent overnight... 

Hawks investigate cases related to Gupta-loot worth more than R40bn

By: News24Wire      16th August 2018 The Hawks are investigating cases related to the Guptas' state capture project that involves more than R40 billion which has been plundered from state coffers. Lieutenant General Godfrey Lebeya presented the Hawks' progress in several cases of state capture to the Portfolio Committee on Police on... 

South Africa's 2018 growth to be 'much lower' than initial forecasts – SARB

By: Reuters     15th August 2018 South Africa's economic growth this year will be "much lower" than initial expectations, the South African Reserve Bank (SARB) said in a presentation to Parliament on Wednesday, calling any recovery "weak and choppy". The SARB added that fixed investment was not expected to pick up meaningfully... 

Mining production increases 2.8% y/y in June

By: Marleny Arnoldi     14th August 2018 Mining production increased by 2.8% year-on-year in June, from a 1.8% decline in May, with the largest positive contributor being platinum group metals (PGMs), which rose by 28.2% and contributed 5.9 percentage points, says Statistics South Africa (Stats SA). Other positive contributors were... 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

SARB 'nowhere near' intervention on rand – deputy governor

By: Reuters     13th August 2018 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor Daniel Mminele told Reuters. The rand slid more than 10% to a two-year low against the dollar in... 

SARB does not see Q2 economic contraction

By: Reuters     27th July 2018 South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Friday he does not expect economic growth to contract in the second quarter, after a 2.2% contraction in the first quarter of this year. Africa's most industrialised economy grew by 3.1% in the final quarter of 2017, but... 

SARB’s reduced economic growth forecast ‘troubling’ – Parsons

By: Marleny Arnoldi     20th July 2018 The announcement by the South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MCP) that it has reduced its forecast for South Africa’s gross domestic product growth for this year sends a troubling message, says North-West University business school economist Professor Raymond Parsons.... 

SARB keeps repo rate unchanged, downgrades growth projection

By: News24Wire      19th July 2018 The South African Reserve Bank's (SARB's) monetary policy committee has left the repo rate unchanged at 6.5% in a unanimous decision.  The announcement, made by the central bank's governor Lesetja Kganyago at a media briefing in Pretoria on Thursday afternoon, was in line with expectations of... 

Mandela centenary commemorated with banknotes and R5 coin 

19th July 2018 To commemorate late Statesman Nelson Mandela’s centenary, the South African Reserve Bank has launched commemorative banknotes and a R5 coin into circulation, depicting the most significant occasions in Mandela’s life. Marleny Arnoldi attended the launch. 

SA annual consumer inflation accelerates to 4.6 percent in June - stats agency

By: African News Agency      18th July 2018 South Africa’s annual consumer price inflation quickened to 4.6 percent in June from 4.4 percent in May, data from the national statistics agency showed on Wednesday. On average, prices increased by 0.4 percent between May and June, Statistics South Africa said. 

SARB launches commemorative Mandela notes, R5 coin for circulation

By: Marleny Arnoldi     13th July 2018 The South African Reserve Bank (SARB) on Friday hosted a commemorative occasion at Freedom Park, in Pretoria, to introduce a series of banknotes and a R5 circulation coin, in honour of what would have been former President Nelson Mandela’s one-hundredth birthday this year.  

SARB launches coins, banknotes that honour Madiba

By: Anine Kilian     4th July 2018 The South African Reserve Bank (SARB) has launched a public awareness campaign to introduce South Africans to a commemorative series of banknotes and a R5 circulation coin which honour the birth centenary of former President Nelson Mandela.  The commemorative banknotes and the R5 circulation coin... 

South Africa works on policy as fintech gives rise to innovation

By: Natasha Odendaal     3rd July 2018 South Africa’s complex financial technology (fintech) domain is in flux and morphing into never-seen-before services within every aspect of the financial sector, with regulators and policymakers working on a coordinated approach to policymaking that will leverage fintech innovation in a way that... 

South Africa funding to suffer from weak rand, high yields – Moody's

By: Reuters     3rd July 2018 South Africa will find it harder to raise funds and service its foreign debt after a worsening of external financing conditions in recent months due to a fall in the rand and rising bond yields, Moody's said on Tuesday. Moody's was the last of the top three major rating agencies to rate South... 

Current account deficit widens in Q1 as exports slump

By: Reuters     21st June 2018 South Africa's current account deficit widened more than expected in the first quarter to register its largest shortfall in two years as the trade balance swung to a deficit after a steep decline in exports, the central bank said on Thursday. Investor sentiment in South Africa picked up after... 

South Africa's GDP growth expected to hit 1.7% in 2018

By: Reuters     20th June 2018 South Africa's economy is expected to recover from a poor start this year, rescued by stronger growth in the rest of the world, a Reuters poll found on Wednesday. South African gross domestic product shrank 2.2% in the first quarter, led by a slowdown in agriculture and mining, after expanding... 

SARB launches commemorative Mandela banknotes

By: African News Agency      14th June 2018 The South African Reserve Bank (SARB) has said that it will be launching its first commemorative banknote series, in celebration of the first democratically elected president Nelson Mandela’s birth centenary.  These notes will cover all denominations - R10, R20, R50, R100 and R200 - and as part... 

Cash-in-transit heists could lead to losses of R470m, Parliament hears

By: News24Wire      14th June 2018 Cash-in-transit heists will lead to cash losses of R470-million this year if the current trend continues, the Portfolio Committee on Police heard on Wednesday. The meeting brought together a range of stakeholders concerned with cash-in-transit heists, including the South African Banking Risk... 

What is best? – Financial Emigration or Double Taxation Agreement

6th June 2018 Jonty Leon, Attorney and Financial Emigration Legal Manager and Claudia Aires, Head of Financial Emigration at Financial Emigration When it comes to choosing financial emigration (FE) or a Double Taxation Agreement (DTA), expatriates must understand that there can never be a one size fits all... 

SARB communications head resigns

28th May 2018 The South African Reserve Bank (SARB) on Monday announced the resignation of its head of communications Jabulani Sikhakhane. Sikhakhane’s last day at SARB is May 31 and chief of staff Bulelwa Boqwana will act as communications head until the vacancy is filled. 

Reserve Bank approves Sibanye's buyout of Lonmin

By: Creamer Media Reporter      15th May 2018 The South African Reserve Bank (SARB) has approved Sibanye-Stillwater's proposed acquisition of Lonmin. Lonmin CEO Ben Magara on Tuesday said the company was pleased that the SARB had approved the transaction. 

UK enters financial cooperation and development partnerships with African States

By: Rebecca Campbell     4th May 2018 The Bank of England, the South African Reserve Bank, the Bank of Ghana and the Bank of Sierra Leone (the last two being their countries’ central banks) have entered into a partnership to share their expertise, improve regulation and decrease the risks of banks failing in their respective... 

New technology being used to immortalise Mandela in centenary coins

By: Anine Kilian     27th April 2018 The South African Mint, a subsidiary of the South African Reserve Bank, will roll out a series of three collectable and one circulation coin depicting the life of distinguished statesman and global icon, Nelson Mandela, whose centenary is being commemorated this year. A bimetallic R5 circulation... 

Cosatu strongly rejects Eskom’s appeal for more money

By: Kim Cloete     16th April 2018 The Congress of South African Trade Unions (Cosatu) has rejected Eskom’s appeal to the National Energy Regulator of South Africa (Nersa) to recover its costs in the provision of electricity, calling it “unaffordable, unreasonable and unjustifiable”. “We have no faith in Eskom. We completely... 

KPMG South Africa reviewing work done by its partners

By: Reuters     16th April 2018 KPMG South Africa is reviewing work done by its partners in the wake of the resignation of two partners who faced disciplinary charges, its chief executive said on Sunday, another setback for the firm whose work is under scrutiny by authorities. CEO Nhlamulo Dlomu said the resignation of partners... 

South Africa's growth recovery at risk from lack of policy clarity – SARB

By: Reuters     11th April 2018 South Africa's recent economic growth turnaround is unlikely to last as 2017's boom fades and the outlook for reform remains murky, the South African Reserve Bank (SARB) said on Tuesday. The South African economy expanded by a surprising 1% in 2017 as agriculture recovered from a drought the year... 

South Africa's rand strengthens as global trade war fears ease

By: Reuters     10th April 2018 South Africa's currency firmed against the dollar early on Tuesday as investor jitters over an escalating US-China trade row cooled with eyes on domestic manufacturing data and the central bank's monetary policy review. At 06:30 GMT the rand was 0.52% firmer at 12.0350 per dollar compared to its... 

Private sector activity expands at slower pace in March

By: Simone Liedtke     5th April 2018 The latest Standard Bank Purchasing Managers’ Index (PMI) shows that South Africa’s private sector activity slowed in March, with the index having decreased to 51.1 points, from 51.4 in February. Nevertheless, the PMI remained above the neutral 50-point level. 

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

SARB trims repo rate as inflation slows

By: Reuters     28th March 2018 The South African Reserve Bank (SARB) trimmed its benchmark repo rate to 6.5% on Wednesday, in another boost for the economy after ratings agency Moody's left the country's last investment-grade credit rating intact. The 25 basis point cut had been expected by traders and economists, after a... 

We should be less euphoric about the Ramaphosa moment 

By: Aubrey Matshiqi     23rd March 2018 In his State of the Nation address, President Cyril Ramaphosa spoke about  a new dawn, hope and renewal. Quoting from the song Thuma Mina (send me), by the late South African jazz giant, Hugh Masekela, he asked us to act in pursuit of a better life and a better South Africa. Since Ramaphosa's... 

SARB's Naidoo: We warned VBS on its reliance of huge depositors 

By: African News Agency      20th March 2018 In his presentation to the Standing Committee on Finance, South African Reserve Bank (SARB) registrar Kuben Naidoo raised concerns including deficient compliance culture, weak asset and liability management, potentially illegal municipal depositions and poor quality in regulatory reports. The... 

Reserve Bank expected to cut repo rate on March 28

By: Reuters     20th March 2018 The South African Reserve Bank (SARB) will cut its repo rate by 25 basis points to 6.50% just days after Moody's is expected to give the country another chance to reform its finances, a Reuters poll found on Tuesday. Fifteen of 22 economists said the Bank would cut interest rates by 25 basis... 

Busa optimistic of South Africa’s economic prospects

By: Marleny Arnoldi     13th March 2018 Business Unity South Africa (Busa) is optimistic about South Africa’s economic prospects following meetings with investors and ratings agencies in London this week.  

Confidence in agriculture ticks up, but land expropriation yet to weigh in

By: Megan van Wyngaardt     12th March 2018 The Agbiz/IDC Agribusiness Confidence Index for the first quarter painted an encouraging picture of the South African agricultural sector, as it improved by nine points to 58, after declining to levels below the 50-point mark in the last quarter of 2017. The survey, which was conducted between... 

Capitec is solvent – SARB 

By: News24Wire      30th January 2018 The South African Reserve Bank (SARB) said on Tuesday that Capitec is solvent, well capitalised and has adequate liquidity. Responding to a damning research report from Viceroy Group into Capitec, the SARB told Fin24 in an emailed response to questions that the bank meets all prudential... 

Sarb denies instructing banks on KPGM

By: African News Agency      6th October 2017 The South African Reserve Bank (Sarb) has denied that it told the country’s big four banks that they cannot fire KPMG, stating categorically on Friday that it had not instructed banks on what steps they should or should not take with regards to their contracts with the embattled auditing firm.... 

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