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News Highlight
19th Jan 2012

Interest Rate remains unchanged!

The South African Reserve Bank left its repo rate unchanged at 5.5% on Thursday as expected, with concerns about a slowing economy off-setting the pressures from inflation, which is likely to stay outside its target band for longer than previously expected.

At its first policy meeting of 2012, the bank raised its inflation forecast, saying it expected inflation to be outside its 3-6% target range throughout 2012, with the recent depreciation of the rand being the main ...[MORE]

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Exchange Rates

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Rates are compliment of the ECB and will be updated once a day on weekdays only.

Date & Weather

Date: 04.02.2012
Time: 18:03

Capetown:

Temp.: 29 °C / 84 °F
Wind: S / 13 kn
Sunrise: 05:43
Sunset: 20:15

Johannesburg:

Temp.: 19 °C / 66 °F
Wind: VRB / 3 kn
Sunrise: 05:19
Sunset: 19:22
IBN News (2nd Nov 2009): Finance Minister cuts Forex Controls

News-Archive


Finance Minister cuts Forex Controls - 2nd Nov 2009

In his first midterm budget speech the new Minister of Finance, Pravin Gordhan, surprised with announcing some cuts on current forex controls.

Among others the most important ones are the increase of the foreign investment allowance for South Africans from R 2m to R 4m, the possibility for South African companies to open bank accounts outside South Africa and the abolishment of the R 250 000 limit on advance payments for imports.

Gordhan chose this time in order to weaken the Rand to a more "competitive" level and hence to strengthen the exports. In consequence the Rand fell 8% against major currencies: Mission accomplished, Minister!
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