Reserwebank se swart uitnemendheid gevier

Die Suid-Afrikaanse Reserwebank voorsien nie die risiko van ‘n verdere afgradering vir Afrika se mees ontwikkelde ekonomie nie het die nuwe Reserwebankgoewerneur Lesetja Kganyago gesê.

Kganyago het die stelling vroeër gemaak na aanleiding van die vrystelling van die bank se Desember monetêre beleidsoorsig.

Moody’s het Suid-Afrika se kredietgradering in November afwaarts aangepas, met verwysing na swak vooruitsigte vir medium-termyn groei en stygende staatskuld.

Die adjunk-minister van finansies, Mcebisi Jonas, sê sy departement is vol vertroue dat die Reserwebank in staat is om die land veilig deur die huidige ekonomiese krisis te lei.

Hy het Donderdag aan afgevaardigdes by ‘n gala-dinee van die African Business and Professional Alliance gesê die land se fiskale vooruitsig is beperk en dat die ekonomie nie noemenswaardig sal groei nie.

Die alliansie het swart uitnemendheid en die aanstelling van die nuwe president van die Reserwebank, Lesetja Kganyago, gevier.

Jonas sê maatreëls is ingestel om regeringskuld te verminder en om die gaping tussen die regering se inkomste en uitgawes te verklein.

6 thoughts on “Reserwebank se swart uitnemendheid gevier”

    1. Magnus Heystek:]
      Hy skryf oor die parlementêre sirkus van onlangs, die ontvangs van die nuus oor die sirkus in die buiteland en vervolg dan:
      Property rights under threat

      And ‘property’ in this context, does not merely refer to your personal residential property, it refers to property in the broadest possible sense of the word, i.e. all your earthly possessions, be it a farm, business, factory, restaurant, café and even intellectual property rights which you might own. All mineral rights in SA were confiscated by the State in this manner some ten years or so ago.

      My advice for some time has been to repatriate as much as your personal assets out of the country as you can.

      This followed on, in particular, after my altercation with SA Reserve Bank, when I saw first-hand the enormous power this institution has over the individual and how it can be abused [by] individuals within the system.

      Where is our wonderful constitution when the SA Reserve Bank can make rules and regulations in secrecy, attach your personal property at whim and then act as judge and executioner should you wish to dispute the rulings?

      I took a vow at the time in 2010 that I will never allow myself to be in such a position again and I repatriated all my disposal assets at the time out of the reach of the local banking system and out of reach of the clutches of the SA Reserve Bank. This has, ironically turned out to be an outstanding investment as I bought US dollars at R6,7 and invested most of it in biotech and technology funds offshore where the returns have been in excess of 200% so far.

      And with the way the rand and economy is performing I’m sure that these returns will get even better over time. My view is that the rand will be R20 in four year’s time. More on that in the next column.

      Asset swaps not as safe as you think

      And don’t for a moment think that your rand-hedge investments will protect you when the collapse in the rand really gets going. Few investors realise (and the fund management companies will try and keep this very quiet) that assets swaps exists at the mercy of SA’s exchange control regulations. If SARB – under direction from the government – orders all these asset management companies to unwind these asset swaps you will end up with local investments again, most probably at a time when your need for offshore investments is the greatest.

      And don’t think it can’t happen. It can and most probably will happen in the next five years as the cumulative effect of weakening growth, weakening foreign exchange and a rise in direct offshore investing starts to manifest itself.

      Government will one day, is my forecast, simply send in its jackbooted bankers from SARB to switch off the offshore investing tap. It will happen overnight, without warning and at precisely the time when the demand for foreign assets is at its peak.

      It reminds me of the old joke that used to circulate in the offices of The Star in the mid 1990’s when I was employed there: there are only two types of ex-Rhodesians in the world. Those who took all their money out of the country and those who wished that they did.

      *Magnus Heystek is the investment strategist at Brenthurst Wealth. He can be reached at magnus@heystek.co.za for ideas and suggestions.

  2. Ganjago se aanstelling is nie so ser ‘n getuigskrif van sy bekwaamheid nie maar eerder die invloed van Maria Ramos (en Trevor Manuel, Manuel nou by die Rothschilds self ontplooi), in Die Geldmag: “Behind the scenes, there was an active preparation of many blacks to get involved in and even to lead in many areas which had been previously ‘no go areas’ for the oppressed masses.

    “It was against this background that the 1980s and the early 1990s saw thousands of black South Africans being given scholarships to go and study in the USA and in the United Kingdom. This was not just an act of generosity by the USA and the UK governments and their institutions.

    “Having been perceived negatively by many black South Africans for having supported the apartheid regime; and also for having been seen to be breaking or resisting the economic sanctions against South Africa; the USA and the UK governments and their institutions soon accepted that the apartheid days were numbered and that they needed the future leaders of this country to be on the side of “the West” instead of being on the side of “the Communist Bloc”.

    “It was against this background that the British Council and the UK educational institutions admitted many black South Africans to study in the United Kingdom, especially in areas where there were limited opportunities for blacks under apartheid. The University of London played a crucial role in the training of many black South Africans in the fields of law, finance, economics, industrial relations, human resources management, and other fields at both the London School of Economics (LSE) and at its sister tertiary campus The School of Oriental and African Studies (SOAS).

    “Lesetja Kganyago was one of those people who studied economics at the University of London. (Let wel!!!!!!!:) What is more important about his studies at SOAS was that there was a special desk, at the LSE, specialising on researching the future of South African economic policy formulation; this desk was run by none other than our ultra-competent Maria Ramos, the former Treasury Director-General who now heads ABSA, or Barclays Africa as it is now known.”

    Dis natuurlik hierdie “ultra-competent” Ramos wat die spoorweg in die grond in bestuur het.

Maak 'n opvolg-bydrae